Treasury Rates for September 14th 2020

Security	Interest Rates
91 – Day Bill	14.0219 %
182 – Day Bill	14.0878 %

Short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance this week. This comes after data released by the Ghana Statistical Service showed that consumer prices were beginning to ease to pre-COVID levels after the rate of inflation for August dropped to 10.5% from 11.4%.

The 91-day bill rose marginally this week after it declined 4 basis points (bps) last week. It rose from 14.0172% posted last week to 14.0219% this week.

The yield on the 182-day failed to build on previous week’s 3 bps gain as it dipped by 2 bps this week. It declined to 14.0878% this week from 14.1058% posted last week.

Week-on-Week Changes for 14^th September, 2020

	7-Sep-20	14-Sep-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.0172%	14.0219%	0.0047	0.0335%
182 – Day	14.1058%	14.0878%	-0.0180	-0.1276%

Auction results from Bank of Ghana (BoG) tender 1711 further showed that demand for the government’s short-term assets remained weak as expectations of a slower inflation rate increases.

A total of GHC 871.40 million bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 919.00 million. The government subsequently accepted all bids tendered.

Next week, the government is expected to slightly adjust upwards its intended target amount to raise a total of GHC 1,004.00 million from 91-day, 182-day, and 364-day bills.