The government of Ghana has achieved its largest Treasury bill sale of the year, raising GH¢6.86 billion through the latest auction conducted by the Bank of Ghana.

With a target set at GH¢4.58 billion, the auction witnessed a notable oversubscription rate of 51.8%.

The 91-day bill saw subscriptions totalling GH¢3.04 billion, representing approximately 43.7% of the total subscription, with an uptake of GH¢2.93 billion.

The 364-day bill followed closely, with bids amounting to GH¢2.28 billion, all of which were accepted.

Similarly, the 182-day bill attracted GH¢1.62 billion in bids, all of which were taken.

In parallel, interest rates continued their downward trend for the sixth consecutive week since the year's outset.

The interest rate for the 91-day bill decreased by 30 basis points to 28.29%, while the 182-day bill saw a decline to 30.43% from the previous 31.39%.

Similarly, the one-year bill experienced a drop to 30.99% from the preceding week's 31.39%.

The government plans to raise approximately GH¢180 billion through treasury bills in 2024, marking a 21% increase from the GH¢149.92 billion raised in the previous year.

This is accompanied by an estimated maturity rate of GH¢150 billion, reflecting a growth of 28.0% compared to the previous year.

Moreover, the government aims to cover over 50.0% of the GH¢61.9 billion budget deficit through treasury bills, indicating a reliance on this financial instrument to manage fiscal challenges.