The government raised GHS 4.73 billion in the treasury bill auction of May 2 at rates of 15.23%, 15.77% and 16.96% for the 91-day, 182-day, and 364-day treasury bills respectively. This is a significant drop from the 15.32%, 16.04% and 18.37% witnessed in the previous auction on April 25.

The total bids for the auction was GHS 5.29 billion, below the government’s target of GHS 6.3 billion and out of which the government accepted GHS 4.73 billion at their preferred rates. The drop in interest rates is expected to continue given the strong appreciation of the Ghana cedi against the US dollar, making cedi assets more attractive.

Government plans to raise GHS 5.39 billion in the next auction.