Government recorded another strong performance in its latest T-bill auction, with investor demand surging by 96 percent above target.

This was amid declining yields on short-term government securities.

According to data from the Bank of Ghana, government sought to raise GHS 7.70 billion but accepted GHS 15.16 billion in bids marking the second consecutive oversubscription in recent weeks.

Breakdown of the results showed that out of GHS 13.43 billion tendered for the 91-day bill, GHS 5.07 billion was accepted.

For the 182-day bill, GHS 5.72 billion was taken from GHS 8.71 billion in bids, while the 364-day bill recorded GHS 4.35 billion in accepted bids from a total of GHS 5.94 billion.

Yields across all three instruments declined.

The 91-day yield dropped by 289 basis points to 10.83 percent.

The 182-day fell to 13.22 percent from 14.61 percent, while the 364-day also edged down to 14.30 percent.

Government is targeting to raise GHS 3.86 billion in the next auction.