T-Bills Auction: Interest Rates Hit 31.65%; Government Achieves 15% Oversubscription.

Interest rates on the money market in Ghana have continued to rise, indicating a higher cost of domestic debt. The Bank of Ghana has reported that interest rates have increased across the yield curve. The yield on the 364-day bill is now at 31.65%, while the 91-day bill is at 27.36% and the 182-day bill is at 28.71%. Despite the higher rates, the government has achieved a 15.10% oversubscription of the treasury bills target, with all bids for the auction being accepted. The 91-day bill received bids of about S2.63 billion, the 182-day bill received bids of little over S650 million, and the one-year bill received bids of S237.08 million. [Extracted from the article]