The treasury bill auction on April 25 saw total bids of GH¢7.3 billion with the government accepting GH¢6.7 billion and rejecting GH¢570 million. The strong demand resulted in rates dropping to 15.32%, 16.04% and 18.37% for the 91-day, 182-day, and 364-day securities respectively compared to 15.45%, 16.18% and 18.62% for the previous auction.

The oversubscription is a positive sign for the government that strong demand for treasury bills still exists after a disappointing auction on April 17 that saw the government raise GH¢2 billion less than it had planned to at its proposed rates.

The next auction is planned for May 2 where the government will seek to raise GH¢6.3 billion.