| Period | Interest Rates |
| 91 – Day | 14.8252% |
| 182 – Day | 15.3503% |
| 182 – Day | 17.9996% |
After weeks of sharp strengthening of short-term Government of Ghana (GoG) Treasury bill rates, the yield on both the 91-day and 182-day weakened this week to build on previous week’s dip. This week’s Treasury bill performance comes after the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) stayed the policy rate at 16.0% for the second time in a row on the back of recent exchange rate pass-through which has slowed the disinflation process.
The yield on the 91-day Treasury bill dipped by 3 basis points (bps) this week to a 4-week low. It declined from 14.8584% posted last week to 14.8252% this week.
The yield on the 182-day bill also dipped by 3 bps to build on previous week’s 8 bps decline. It weakened to a 4-week low at 15.3503% from 15.3834% recorded last week.
The yield on the 364-day bill was little changed as it declined from 18.0056% to 17.9996% this week, recording a 1 bps dip.
Week-on-week changes for 3rd June, 2019
| 27-May-19 | 3-Jun-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.8584% | 14.8252% | -0.0332 | -0.2234% |
| 182 – Day | 15.3834% | 15.3503% | -0.0331 | -0.2152% |
Auction results from Bank of Ghana (BoG) tender 1644 further showed that demand for the government’s short-term Treasury instruments beat expectations, allowing the government to accept bids at relatively low rates.
Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 1,426.46 million against the government’s target amount of GHC 746.00 million. The government accepted GHC 998.11 million of total bids tendered.
Next week, the government is expected to drastically decrease its target amount to raise a total of GHC 479.00 million from 91-day and 182-day.
2019 91-Day and 182-Day Bills Trend
