The government plans to raise GH¢7.729 billion in its upcoming treasury bills auction, following a GH¢17.69 billion oversubscription in last week’s auction. However, it rejected GH¢8.265 billion in excess bids, surpassing its target of GH¢8.068 billion. According to auction results from February 14, 2025, the 91-day and 364-day bills attracted the highest bids. The government ultimately accepted GH¢9.434 billion across 91-day, 182-day, and 364-day bills combined. Despite strong investor confidence, interest rates declined slightly in the February 17, 2025, auction with 91-day bill pegged at 26.85% (down from 27.98%); 182-day bill going for 27.80% (down from 28.68%) and the 364-day bill going for 29.07%. While treasury bills remain the government’s primary borrowing tool, analysts suggest the rejection of excess bids signals a cautious approach to borrowing or an effort to manage rising interest rates. However, with rates still above inflation, repayment costs may pose a challenge for government. For now, the government continues to rely on short-term securities until it regains access to international capital markets.