Treasury Rates for May 4th 2020

Period	Interest Rates
91 – Day	13.9236 %
182 – Day	14.0066 %

Short-term Government of Ghana (GoG) Treasury bill rates fell this week after posting a brief recovery last week. The yields on both the 91-day and 182-day bills have significantly plunged to a more than 1-year low in line with efforts employed by the government to drive down the cost of credit despite stable consumer prices.

The 91-day bill declined by 10 basis points (bps) this week to erase part of previous week’s 16 bps gain. It dipped to 13.9236% this week from 14.0251% posted the previous week.

The 182-day bill fell marginally by 2 bps against a gain of 4 bps posted last week. It fell from 14.0317% posted last week to 14.0066% this week.

Week-on-Week Changes for 4^th May, 2020

	27-Apr-20	4-May-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.0251%	13.9236%	-0.1015	-0.7237%
182 – Day	14.0317%	14.0066%	-0.0251	-0.1789%

Auction results from Bank of Ghana (BoG) tender 1692 further showed that the demand for the government’s short-term bills came in strong to beat the government’s target amount despite the drop in Treasury yields.

A total of GHC 623.39 million bids were tendered for the 91-day and 182-day bills, against the government’s target amount of GHC 603.00 million. The government consequently accepted all bids tendered.

Next week, the government is expected to increase its target amount to raise a total amount of GHC 991.00 million from 91-day, 182-day, and 364-day bills.