Treasury Rates For December 16th 2019

Period	Interest Rates
91 – Day	14.6969%
182 – Day	15.1490%
364 – Day	17.8964%

After a sharp rise in the consumer price index, short-term Government of Ghana (GoG) Treasury bill rates this week rose marginally to build on previous week’s rise. According to data released by the Ghana Statistical Service, inflation rate for November, 2019 rose to 8.2% from 7.7% in October on the back of increases in the prices of imported and food items.

The yield on the 91-day bill climbed up marginally to build on previous week’s tiny gain. It rose to 14.6969% this week from 14.6884% recorded the previous week.

The yield on the 182-day bill extended its upward trajectory as it recorded its fifth consecutive weekly gain this week. It hardened from 15.1487% posted last week to 15.1490% this week, its highest in more than four months.

The 364-day bill also posted gains this week to recover parts of previous week’s 8 basis points (bps) dip. It gained 6 bps to rise to 17.8964% this week from 17.8298%.

Week on week changes for 16^th December, 2019

	9-Dec-19	16-Dec-19	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6884%	14.6969%	0.0085	0.0579%
182 – Day	15.1487%	15.1490%	0.0003	0.0020%

Auction results from Bank of Ghana (BoG) tender 1672 further showed that demand for the government’s short-term securities disappointed after weeks of improved demand.

Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 784.49 million against the government’s target amount of GHC 826.00 million. The government, however, accepted GHC 780.88 million bids.

Next week, the government is expected to sharply increase its target amount to raise a total of GHC 1,352.00 million from 91-day, 182-day, and 364-day bills.