Treasury Rates for June 15th 2020

Security	Interest Rates
91 – Day Bill	13.9295 %
182 – Day Bill	14.0360 %
364 – Day Bill	16.8451 %

Short-term Government of Ghana (GoG) Treasury bill rates failed to post a recovery this week after registering a decline last week. Despite a sharp rise in consumer prices over the past two months, the yields on the government’s short-term assets have remained stuck in a more than one-year low levels.

The yield on the 91-day bill extended its downward streak for the third consecutive time this week as it declined by 2 basis points. It fell from 13.9517% posted last week to 13.9296% this week, its lowest in four weeks.

The 182-day bill dipped by 2 bps to build on previous week’s 2 bps decline. It fell from 14.0565% posted last week to 14.0361% this week.

The 364-day, this week, erased 3 bps of the previous issuance’s 17 bps jump as it fell to 16.8451% from 16.8806%.

Week-on-Week Changes for 15^th June, 2020

	8-Jun-20	15-Jun-20	CHANGE	PERCENTAGE CHANGE
91 – Day	13.9517%	13.9296%	-0.0221	-0.1584%
182 – Day	14.0565%	14.0361%	-0.0204	-0.1451%

Auction results from Bank of Ghana (BoG) tender 1698 further indicated that demand for the government’s short-term bills continue to strengthen on expectations of higher inflation rate.

A total of GHC 1,193.71 million bids were tendered for the 91-day, 182-day, and 364-day bills, against the government’s target amount of GHC 1,182.00 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 749.00 million from 91-day and 182-day bills.