Interest rates fell for the seventh consecutive week despite a marginal increase in the January 2024 inflation.
According to the auction results by the Bank of Ghana, the government exceeded its target once again.
The yields on the T-bills have been falling in line with most analysts' forecasts due to a reduction in inflation in the last seven months.
The yield on the 91-day bill went down by 40 basis points to 27.89%.
That of the 182-day bill also took a nose dive to 30.39% from the previous week's 30.43%.
The rate on the 364-day bill also dropped to 30.89% from 30.99% the preceding week.
Meanwhile, the government raised GH¢5.67 billion from the treasury market, about 23.64% oversubscription. The target for the auction was GH¢4.86 billion.
It accepted all the bids tendered for the T-bills worth GH¢5.67 billion.
A chunk of the amount came from the 91-day bill.
About GH¢2.42 billion were tendered for the 91-day bill, representing 42.82% of the total bids. All the bids were accepted.
The one-year bill followed with GH¢1.96 billion tendered. The uptake was also GH¢1.96 billion.
The 182-day bill also received bids worth GH¢1.28 billion in which all were accepted.
Credit: Joy Business