| Period | Interest Rates |
| 91 – Day | 14.7478% |
| 182 – Day | 15.2449% |
Short-term Government of Ghana (GoG) Treasury bill rates, continued its downward trajectory despite a strong pick-up in consumer price index readings for the first four months of the year. The yield on both the 91-day and 182-day bills failed to post any gains this week as it built on previous week’s dip to extend its downward trend to a third week in a row. This comes at a time of rising investors’ expectation of high inflation rate.
This week, the yield on the 91-day Treasury bill weakened by 8 basis points (bps) to its lowest in six weeks. It fell from 14.8252% posted last week to 14.7478% this week.
The yield on the 182-day bill also softened by 11 bps to build on previous week’s 3 bps decline. It weakened to its lowest since end-April, 2019. It fell from 15.3503% recorded last week to 15.2449%.
Week-on-week changes for 10th June, 2019
| 3-Jun-19 | 10-Jun-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.8252% | 14.7478% | -0.0774 | -0.5221% |
| 182 – Day | 15.3503% | 15.2449% | -0.1054 | -0.6866% |
Auction results from Bank of Ghana (BoG) tender 1645 further showed that demand for the government’s short-term Treasury instruments beat expectations, allowing the government to accept bids at relatively low rates. The 91-day and 182-day bills were oversubscribed by 170%.
Total bids tendered for the 91-day and 182-day bills came in at GHC 818.12 million after the government drastically lowered its target amount to GHC 479.00 million. The government, however, accepted only GHC 805.65 million of total bids tendered.
Next week, the government is expected to increase its target amount to raise a total of GHC 887.00 million from 91-day, 182-day, and 364-day bills.
2019 91-Day and 182-Day Bills Trend
