Interest rates are falling rapidly, and government T-bills are 40% oversubscribed.

Interest rates decreased once further when 3.89 billion of federal Treasury bills were oversubscribed by around 40.3%.

The Bank of Ghana’s auctioning results show that there was a lot of demand for the 91-day T-bill, which pushed the yield down.

Interest rates on the money market have significantly decreased after the Domestic Debt Exchange Program was successfully concluded. The rates have decreased to an average of roughly 20% from a high of 35%.

The 91-day bill’s yield decreased by 0.52% to 18.52%.

The 182-day rate also decreased at the same time, from 22.84% the previous week to 21.27% this week.

Of the total offers made, the government accepted 3.87 billion.

The 91-day T-bill, however, contributed a significant portion of the bids with 2.90 billion being accepted.

The bids received were valued at 983.7 million yen for the 182-day bill. Nonetheless, 972.4 million was approved.