The three-year Government of Ghana Bonds valued at over $2.7 million (20 billion cedis) was offered at the last auction on January 25.

Bills tendered were valued at $2,072,602 (15.13 billion cedis) with the accepted competitive bids also valued at $2,072,602 (15.13 billion cedis) at the uniform allocation rate of 5.00 percent.

Yields on the various Government of Ghana short-term instruments continued their downward trend in line with government strategy to bring interest rates down.

The weighted average rate for the 91-day bill dropped sharply from 27.25% to 26.52%, whilst that for the 182-day bill dropped from 27.77% to 27.05%.

The coupon on the one-year notes also moved down from 28.33% to 27.84%.

The inter-bank rate continues to be relatively liquid, with o/n rates seeing a further drop and ranging between 24.50 and 25.00% because of over-subscription of Treasury bills at the January 18 auction.

It is expected that interest rates will continue to drop in the coming weeks.