Treasury Rates for April 6th 2020

Period	Interest Rates
91 – Day	14.4386 %
182 – Day	14.9501 %

Short-term Government of Ghana Treasury bill rates fell across the board for the second consecutive time this week as the government aims to push general interest rates down in line with a 150 basis points (bps) drop with the monetary policy rate.

The 91-day bill fell by 20 bps this week to build on previous week’s 11 bps drop. It plummeted from 14.6383% posted last week to 14.4386% this week, its lowest since November, 2018.

The yield on the 182-day bill posted its biggest weekly decline in 2020 as it fell by 20 bps this week. It plunged to 14.9501% this week from 15.1520% posted the previous week.

Week-on-Week Changes for 6^th April, 2020

	30-Mar-20	6-Apr-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6383%	14.4386%	-0.1997	-1.3642%
182 – Day	15.1520%	14.9501%	-0.2019	-1.3325%

Auction results from Bank of Ghana (BoG) tender 1688 showed a strong investor participation as investors preferred to lock-in funds in safe-haven assets despite the drastic fall in the target amount.

Total bids tendered for the 91-day and 182-day bills came in at GHC 521.22 million, against the government’s target amount of GHC 452.00 million. The government, however, accepted only GHC 488.18 million of bids tendered.

Next week, the government is expected to significantly increase its target amount to raise a total amount of GHC 1,099.00 million from 91-day, 182-day, and 364-day bills.