| Period | Interest Rates |
| 91 – Day | 14.7071% |
| 182 – Day | 15.1474% |
| 2 – Year Term Note | 19.7500% |
Short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance this week reversing the trend of previous week’s mixed performance. This week’s mixed performance in short-term Treasury rates comes ahead of the announcement of consumer prices by the Ghana Statistical Services (GSS) for February, where the on-going depreciation of the Cedi is expected to exert an upward pressure on consumer prices.
The yield on the 91-day bill failed to build on previous week’s tiny gain as it posted a marginal loss this week to maintain its recent stability. It fell to 14.7071% this week from 14.7085% recorded last week.
The yield on the 182-day bill however recovered from previous week’s marginal decline to post a 2 basis points (bps) gain. It rose from 15.1320% last week to 15.1474% this week.
Week on week changes for 11th March, 2019
| 4-Mar-19 | 11-Mar-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7085% | 14.7071% | -0.0014 | -0.0095% |
| 182 – Day | 15.1320% | 15.1474% | 0.0154 | 0.1018% |
Auction results from Bank of Ghana (BoG) tender 1632 further showed that demand for the government’s short-term Treasury instruments failed to beat the government’s target amount of GHC 862.00 million. Total bids tender for both the 91-day and 182-day bills came in at GHC 489.33 million out of which a total of GHC 480.08 million bids were accepted.
As part of the government’s issuance calendar, a 2-year term note was issued this week. The yield on the medium-term instrument remained unchanged at 19.7500% for the second consecutive time. The government accepted all GHC 513.24 million bids tendered against a target of GHC 400.00 million.
Next week, the government is expected to lower its target amount to raise a total of GHC 654.00 million from 91-day, 182-day and 364-day bills.
Treasury Yield Curve
