Interest rates shot up on the money market to hit 33.01%.
This is coming despite the government recording a 24.5% oversubscription of Treasury bill sales at a lower target.
According to the auction results from the Bank of Ghana, all the rates across the yield curve increased.
Whilst the 364-day T-bill reached 33.01% from 32.85% the preceding week, that of the 182-day bill inched up to 31.21% as against 30.67% previously.
The yield on the 91-day also went up by 0.69% to 29.19%.
Analysts and market watchers are worried about the increasing domestic debt.
Meanwhile, the bids tendered for the 91-day bill were higher than the targeted amount of ¢2.109 billion.
About ¢2.170 billion were offered for the short-term security, but the government accepted ¢2.155 billion cedis.
For the 182-day bill, about ¢375.3 million were tendered, but the government accepted ¢353.35 million of the bids.
With regard to the 364-day bill, the government took ¢67.46 million of the ¢80.17 million tendered.
| SECURITY | BIDS TENDERED | BIDS ACCEPTED |
| 91 Day Bill | 2.170 billion | 2.155 billion |
| 182 Day Bill | 375.34 million | 353.35 million |
| 364 Day Bill | 80.17 million | 67.46 million |
| Total | 2.626 billion | 2.576 billion |
| Target | 2.109 billion |
Source: Myjoyonline