In a noteworthy development, interest rates have witnessed another decline as the treasury bills auction experienced an overwhelming oversubscription of 46.7%. This positive trend comes on the heels of a recent drop in headline inflation and the successful restructuring of bilateral external debt between Ghana and its creditors.

The surge in demand for short-term instruments is indicative of an anticipated improvement in the economic landscape in the foreseeable future.

Specifically, the yield on the 91-day bill experienced a decrease from 29.19% to 29.03%. Likewise, the 182-day bill saw a decline of 23 basis points, settling at 31.51%. The 364-day bill also registered a decrease, moving from 32.34% to 32.08% compared to the previous week.

Remarkably, the government observed a substantial oversubscription of the short-term instruments, reaching GH¢3.86 billion cedis, reflecting a strong market appetite.

As per the auction results provided by the Bank of Ghana, the demand for these short-term instruments was robust. Notably, 73.4% of the bids, equivalent to GH¢2.837 billion, were directed towards the three-month bill, all of which were accepted. Furthermore, GH¢840.48 million in bids were submitted for the 182-day bill, with an uptake of GH¢839.32 million. The one-year bill received bids totaling GH¢185.04 million, and all were accepted.