Interest rates hit another low this year at the latest treasury bill auction held on May 23. The 91-day, 182-day, and 364-day bills were cleared at an interest rate of 14.93%, 15.55% and 16% respectively. This is a drop across the board from the 15.11%, 15.68% and 16.79% recorded in the previous auction.

The auction saw total bids of GHS 6.54 billion out of which the government accepted GHS 5.97 billion, comfortably surpassing the auction target of GHS 5.55 billion. The healthy demand for treasury bills is understandable given the strong cedi.

The target for the next auction is GHS 3.89 billion which the government is likely to raise given the level of demand currently on the market.