| Period | Interest Rates |
| 91 – Day | 14.7231% |
| 182 – Day | 15.1708% |
| 364 – Day | 17.8954% |
Short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance this week. The yield on the 91-day and 182-day bills fell marginally in line with the recent drop in inflation figures in May and June. The yield on the 364-day bill recorded its first tightening after five consecutive times of trending downwards. This week’s Treasury bill performance comes ahead of the presentation of the mid-year budget review where the government is expected to outline measures to finance its budget deficit in the second half of the year.
This week, the yield on the 91-day bill failed to post a recovery after previous week’s marginal drop. It was little changed this week as it fell from 14.7261% last week to 14.7231% this week.
The yield on the 182-day bill erased previous week’s tiny gain as it weakened to 15.1708% this week from 15.1744% posted last week.
The 364-day bill gained 2 basis point rising to its highest since the first week in July, 2019. It rose from 17.8784% to 17.8954% this week.
Week on week changes for 29th July, 2019
| 22-Jul-19 | 29-Jul-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7261% | 14.7231% | -0.0030% | -0.0204% |
| 182 – Day | 15.1744% | 15.1708% | -0.0036% | -0.0237% |
Auction results from Bank of Ghana (BoG) tender 1652 further showed that demand for the government’s short-term Treasury securities failed to meet expectations after last week’s strong demand.
Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 746.93 against the government’s target amount of GHC 820.00 million. The government accepted all bids tendered.
Next week, the government is expected to significantly reduce its target amount to raise a total of GHC 699.00 million from 91-day and 182-day bills.