The government has surpassed its Treasury bill target by GHS 550 million, according to the latest auction results from the Bank of Ghana.

The initial target was GHS 6.14 billion, but total bids amounted to GHS 7.26 billion. Despite the oversubscription, the government chose to reject GHS 570.64 million in bids.

For the 91-day Treasury bill, GHS 5.32 billion in bids were submitted, with GHS 5.21 billion accepted. The 182-day bill saw GHS 1.56 billion in bids, with GHS 1.29 billion accepted.

Meanwhile, the 364-day bill had GHS 381 million in bids, with GHS 192 million accepted.

Interest rates across all Treasury bills remained fairly steady, ranging from 15% to 18%. The yield on the 91-day bill decreased slightly to 15.32% from 15.45% the previous week.

The 182-day bill yield dropped to 16.03% from 16.18%, and the 364-day bill yield fell to 18.37% from 18.62%.

The ongoing decrease in interest rates reflects the government's efforts to reduce borrowing costs. For the next auction, the government plans to raise GHS 6.32 billion.