| Period | Interest Rates |
| 91 – Day | 14.7176% |
| 182 – Day | 15.1595% |
Short-term Government of Ghana (GoG) Treasury bill rates rose marginally this week to build on previous week’s climb in line with higher inflation expectations. This week’s gain in treasury yields come ahead of a policy rate announcement where the policy rate is expected to be stalled at 16% on the back of a recent uptick in inflation reading. The inflation rate for February rose to 9.2% from a 6-year low in January at 9.0%.
This week, the yield on the 91-day bill rose marginally to build on previous week’s 1 basis point (bps) gain. It rose from 14.7150% posted last week to 14.7176% this week.
The yield on the 182-day bill recorded a 1 bps gain to rise to its highest this year. It rose to 15.1595% this week from 15.1501% recorded the previous week.
Week on week changes for 25th March, 2019
| 18-Mar-19 | 25-Mar-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7150% | 14.7176% | 0.0026 | 0.0177% |
| 182 – Day | 15.1501% | 15.1595% | 0.0094 | 0.0620% |
Auction results from Bank of Ghana (BoG) tender 1634 further showed that demand for the government’s short-term Treasury instruments failed to beat expectations after last week’s auction was oversubscribed by 12%. Total bids tendered for both the 91-day and 182-day bills came in at GHC 572.34 million against the government’s target of GHC 684.00 million. A total of GHC 569.62 million were accepted.
Next week, the government is expected to reduce its target amount to raise a total of GHC 529.00 million from 91-day, 182-day and 364-day bills.
91-day and 182-day Bills Trend over the last Two Years
