For the third auction in a row, interest rates on treasury bills took another tumoultous drop, signalling strong market appetite for fixed income products. Interest rates fell to 10.2949%, 12.3594%, and 13.2465% for the 91-day, 182-day and 364-day bill respectively.

For the 91-day treasury bill, this was the lowest rate recorded since November 2011. An indication of just how much interest rates have declined this year. The year started with 91-day treasury bill rates at 28% and the rates have since declined by almost 1800 basis points.

The government had sought to raise GH¢3.86 billion, but a total of GH¢6.79 billion in bids were tabled out of which GH¢5.49 billion was accepted. The next auction comes off on August 8 with a target of GH¢8.59 billion.