The treasury bill auction of June 5 saw total bids of GHS 5.47bn out of which the government accepted GHS 4.38bn. Despite turning down over GHS 1bn in bids, the total amount raised was far below the target of GHS 6.7bn.

Interest rates fell across the board with the 91-day, 182-day and 364-day bill interest rates falling to 14.7922%, 14.590%, and 15.7991% respectively. This compares with 14.7949%, 15.4855% and 15.9128% recorded last week. The drop in interest rates suggests that the government turned away more expensive bids in order to maintain the streak of interest rate declines.

Inflation for May 2025 came to 18.4%, the lowest recorded since February 2022. The disinflation process makes treasury bills more attractive as the negative real interest rate (inflation rate – treasury bill rate) is getting smaller.

The target for the next auction on June 13 is GHS 7.59bn.