| Period | Interest Rates |
| 91 – Day | 14.7296% |
| 182 – Day | 15.1724% |
| 364 – Day | 17.8784% |
| 5 – Year Fixed Rate Bond | 19.5000% |
This week, short-term Government of Ghana (GoG) Treasury bill rates ended weeks of a tumbling performance ahead of a crucial Monetary Policy Committee (MPC) meeting. The marginal gain in the yields on both the 91-day and 182-day bills comes after the data released by the Ghana Statistical Services indicated that consumer prices fell in June, building on previous month’s 10 basis points (bps) dip.
After two weeks of a dipping performance, the yield on the 91-day bill gained 1 bps this week. It rose from 14.7205% posted last week to 14.7296% this week.
The yield on the 182-day bill was little changed this week as it recorded its first gain in 8 weeks. It rose marginally to 15.1724% this week from 15.1721% posted last week.
In line with the recent disinflationary trend, the yield on the 364-day bill this week recorded its fifth consecutive decline. It fell from 17.9162% to 17.8784% this week, its worst performance since mid-January, 2019.
Week on week changes for 15th July, 2019
| 8-Jul-19 | 15-Jul-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7205% | 14.7296% | 0.0091 | 0.0618% |
| 182 – Day | 15.1721% | 15.1724% | 0.0003 | 0.0020% |
Auction results from Bank of Ghana (BoG) tender 1650 further showed that demand for the government’s short-term Treasury securities failed to beat expectations this week as investors shifted their focus to the longer-dated Treasury security.
The government accepted all GHC 679.18 million bids tendered for the 91-day, 182-day, and 364- day bills against its target amount of GHC 726.00 million.
As part of its issuance calendar, the government issued out a 5-year fixed rate bond seeking to raise a total of GHC 250.00 million. There was an improved demand for the 5-year paper as it was hugely oversubscribed. Total bids tendered came in at GHC 619.72 million. All bids were accepted. The yield on the 5-year paper, however, fell to 19.5000% from 19.7500%
Next week, the government is expected to marginally increase its target amount to raise a total of GHC 785.00 million from 91-day and 182-day bills.