The government raised GH¢3.54 billion out of a target of GH¢3.89 billion in its treasury bill auction of May 30. All bids were accepted and the interest rates of the 91-day, 182-day and 364-day t-bills fell to 14.7949%, 15.4855% and 15.9128% respectively. These were all lower than the 14.93%, 15.55% and 16% recorded in the previous auction on May 23.

Treasury bill rates have been falling since the start of the year with a drastic decrease in interest rates from about 28% at the start of the year to around 14.8% at the time of writing. The drop in interest rates is partly driven by government’s tight fiscal policy as billions in arrears are yet to be settled pending an audit.

The next auction is scheduled for June 5 with a target of GH¢6.7 billion.