Treasury Rates For November 11th 2019

Period	Interest Rates
91 – Day	14.6879%
182 – Day	15.1294%
364 – Day	17.9197%
2 – Year	19.5000%

Short-term Government of Ghana (GoG) Treasury bill rates maintained its stable performance as the yields on the 91-day and the 182-day bills were a little changed this week ahead of the announcement of consumer prices for October. Short-term Treasury instruments have maintained a stable trajectory in the second half of the year as the rate of inflation remains well anchored within the Bank of Ghana’s medium-term inflation target band.

The yield on the 91-day bill rose marginally from 14.6872% posted last week to 14.6879% this week to build on previous week’s tiny gain.

The 182-day bill failed to post any gains this week after previous week’s dip. It fell to 15.1294% this week from 15.1343%.

The yield on the 364-day bill gained 1.6 basis points to rise from 17.9040% to 17.9197%, its highest since mid-August, 2019.

Week on week changes for 11^th November, 2019

	4-Nov-19	11-Nov-19	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6872%	14.6879%	0.0007	0.0048%
182 – Day	15.1343%	15.1294%	-0.0049	-0.0324%

Auction results from Bank of Ghana (BoG) tender 1667 further showed that demand for the government’s short-term securities beat expectations for the fourth consecutive time this week as investors continue to remain skeptical about financial instruments offered by corporate bodies.

Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 914.04 million against the government’s target amount of GHC 700.00 million. All bids tendered were subsequently accepted.

As per the government’s issuance calendar for the last quarter of the year, a 2-year fixed rate term note was issued at a rate of 19.50%, up from 19.00% in September. This is the highest yield on a GoG 2-year term note since March, 2019. A total of GHC 615.86 million bids were tendered which were all subsequently accepted.

Next week, the government is expected to raise a total of GHC 500.00 million from 91-day, 182-day, and 364-day bills.