The treasury bill auction on May 9 saw the government raise GH¢5.2 billion out of a planned GH¢5.4 billion. Interest rates recorded across the 91-day, 182-day and 364-day tenors were 15.16%, 15.7% and 16.8% respectively. This is a reduction in rates compared to the 15.23%, 15.77% and 16.96% recorded in the previous auction.

Despite the drop in interest rates, treasury bills look increasingly attractive as the Ghana cedi gains against major trading currencies. The government is thus likely to keep being able to raise money on the money market.

A target of GH¢6.68 billion has been set for the next auction on May 16.