Interest rates went up for the 35th week running as the yield on the 91-day Treasury bill almost reached 30%.
According to the auction results by the Bank of Ghana, the government record 15.53% oversubscription to the tune of ¢2.58 billion.
The rising interest rates would come as a huge cost to the government as interest payments are expected to go up.
The yield on the 91-day T-bill hit 29.81% compared with 29.48% a week ago.
For the 182-day bill, the rate went up by 22 basis points to 31.67%.
That of the 364-day bill also reached 33.42%, from 33.21% the previous week.
Meanwhile, the government accepted ¢2.50 billion of the total bids tendered for the auction.
The target for the auction was ¢2.23 billion.
Once again, a chunk of the bids came from the 91-day bill. About 67.3% of the total bids came from the 3-month bill.
For the 182-day bill, a little above ¢537.90 million were tendered. The government accepted all the bids.
About ¢306.89 million were, however, tendered for the one-year bill, but the government accepted ¢248.81.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS TENDERED (GH¢) |
| 91 Day Bill | 1.740 billion | 1.723 billion |
| 182 Day Bill | 537.90 million | 537.90 million |
| 364 Day Bill | 306.89 million | 248.81 million |
| TOTAL | 2.585 billion | 2.509 billion |
| TARGET | 2.238 billion |