Treasury Rates for February 24th 2020

Period	Interest Rates
91 – Day	14.7538 %
182 – Day	15.1740 %

This week, short-term Government of Ghana Treasury bill rates posted a mixed performance after recording a dip last week. This comes after the rate of inflation opened the year 2020 at 7.8%, its lowest in 2 months whilst inflation is further expected to edge lower in February following a decrease in crude oil prices and a strengthening Cedi.

The yield on the 91-day bill recovered from previous week’s marginal dip to post its biggest rise in 2020. It gained 6 basis points (bps) from 14.6968% posted last week to 14.7538% this week, its highest since mid-June, 2019.

The 182-day bill, however, failed to post a recovery from previous week’s dip. It declined to 15.1740% this week from 15.1828% posted the previous week.

Week-on-Week Changes for 24^th February, 2020

	17-Feb-20	24-Feb-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6968%	14.7538%	0.0570	0.3878%
182 – Day	15.1828%	15.1740%	-0.0088	-0.0580%

Auction results from Bank of Ghana (BoG) tender 1682 further indicated that demand stayed low, failing to beat the government’s intended target amount.

Total bids tendered for the 91-day and 182-day bills came in at GHC 743.63 million, narrowly missing the government’s target amount of GHC 797.00 million. The government accepted all bids tendered.

Next week, the government is expected to slightly increase its target amount to raise a total of GHC 800.00 million from 91-day, 182-day, and 364-day bills.