Treasury Rates for April 20th 2020

Period	Interest Rates
91 – Day	13.8573 %
182 – Day	13.9868 %
3 – Year Fixed Rate	19.0000 %

Short-term Government of Ghana (GoG) Treasury bill rates plummeted this week to build on previous weeks’ decline. This comes after consumer prices stabilized in March at 7.8% for the second consecutive time.

The yield on the 91-day bill lost 2 basis points (bps) this week to extend its weekly losses to 5 consecutive weeks. It dipped to 13.8573% this week from 13.8834% posted last week.

The 182-day bill fell by 13 bps to build on previous week’s 82 bps drop. It declined from 14.1256% posted last week to 13.9868% this week, its lowest since September, 2018.

Week-on-Week Changes for 20^th April, 2020

	13-Apr-20	20-Apr-20	CHANGE	PERCENTAGE CHANGE
91 – Day	13.8834%	13.8573%	-0.0261	-0.1880%
182 – Day	14.1256%	13.9868%	-0.1388	-0.9826%

Auction results from Bank of Ghana (BoG) tender 1690 further showed that despite the continuous fall in short-term GoG bills, investors continue to increase their purchases of government assets.

A total of GHC 757.27 million bids were tendered for the 91-day and 182-day bills, against the government’s target amount of GHC 677.00 million. The government, however, accepted only GHC 509.54 million of the total bids tendered.

As per the government’s issuance calendar for the second quarter of the year, a 3-year fixed-rate bond was issued with a target of GHC 800.00 million. A total of GHC 849.24 million bid were tendered. The government accepted all bids tendered at a yield of 19.00%, down from 20.75% posted last month.

Next week, the government is expected to increase its target amount to raise a total amount of GHC 1,208.00 million from 91-day, 182-day, and 364-day bills.