Treasury Rates for April 13th 2020

Period	Interest Rates
91 – Day	13.8834 %
182 – Day	14.1256 %
364 – Day	16.7857 %

This week, short-term Government of Ghana (GoG) Treasury bill rates tumbled for the third consecutive time in line with efforts by the government to drive down interest rates. This comes ahead of the announcement of consumer prices by the Ghana Statistical Service where the inflation rate is expected to reflect activities before the partial lockdown.

The 91-day bill dipped by a record 55 basis points (bps) this week to build on previous week’s 20 bps drop. It plunged from 14.4386% posted last week to 13.8834% this week, its lowest since October, 2018.

The yield on the 182-day bill posted its biggest weekly decline in more than 2 years as it fell by 82 bps this week. It dipped to 14.1256% this week from 14.9501% posted the previous week.

The 364-day bill, similarly shed 86 bps to its lowest since January, 2019. It dropped from 17.64715% to 16.7857% this week.

Week-on-Week Changes for 13^th April, 2020

	6-Apr-20	13-Apr-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.4386%	13.8834%	-0.5552	-3.8452%
182 – Day	14.9501%	14.1256%	-0.8245	-5.5150%

Auction results from Bank of Ghana (BoG) tender 1689 further showed that despite the continuous fall in short-term GoG bills, investors preferred to lock-in funds in safe-haven assets.

Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 1,635.10 million, against the government’s target amount of GHC 1,099.00 million. The government subsequently accepted all bids tendered.

Next week, the government is expected to reduce its target amount to raise a total amount of GHC 677.00 million from 91-day and 182-day bills.