The government has once again surpassed its Treasury bill target, raising GHS 514 million more than it targeted.

The latest auction results from the Bank of Ghana show that while the target was GHS 8.26 billion, total bids reached GHS 8.77 billion.

This represents an oversubscription of 6.22 percent.

All GHS 6.2 billion tendered for the 91-day Treasury bill was accepted. The 182-day bill attracted GHS 1.83 billion in bids, with GHS 1.80 billion accepted. Meanwhile, the 364-day bill saw GHS 1.2 billion tendered, but only GHS 746 million was accepted.

Interest rates on Treasury bills continue to decline, averaging between 15% and 18%. The 91-day bill dropped by 186 basis points to 15.88%, while the 182-day bill fell by 204 basis points to 16.93%. The 364-day bill recorded a 101 basis points decline, settling at 17.98%.

The pace of rate decline appears to have slowed as the government seeks to reduce borrowing costs.

In the next auction, the Treasury aims to raise GHS 6.14 billion.