Treasury Rates for March 30th 2020

Period	Interest Rates
91 – Day	14.6383 %
182 – Day	15.1520 %
364 – Day	17.6471 %

In line with the 150 basis points (bps) drop in the monetary policy rate, short-term Government of Ghana Treasury bill rates fell from previous week’s levels as the country heads into a partial lockdown. This comes at a time after the central bank of Ghana announced a number of stimulus packages in a bid to reduce the adverse impact of COVID-19.

The 91-day bill posted its biggest weekly decline this week as the yield fell to its lowest since mid-January, 2019. The yield on the 91-day bill tumbled to 14.6383% this week from 14.7539% posted last week.

The yield on the 182-day bill fell by 3 bps this week to erase previous week’s gain. It dipped from 15.1809% posted last week to 15.1520% this week.

The yield on 364-day similarly declined by 15 bps from 17.8028% to 17.6471% this week.

Week-on-Week Changes for 30^th March, 2020

	23-Mar-20	30-Mar-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.7539%	14.6383%	-0.1156	-0.7835%
182 – Day	15.1809%	15.1520%	-0.0289	-0.1904%

Auction results from Bank of Ghana (BoG) tender 1687 showed a strong investor participation as investors preferred to lock-in funds in safe-haven assets in the midst of the uncertainties.

Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 906.50 million, against the government’s target amount of GHC 715.00 million. The government subsequently accepted only GHC 743.38 million bids.

Next week, the government is expected to drastically reduce its target amount to raise a total amount of GHC 452.00 million from 91-day and 182-day bills.