Treasury Rates for November 23rd 2020

Security	Interest Rates
91 – Day Bill	14.0645%
182 – Day Bill	14.1274%

Short-term Government of Ghana Treasury bill rates rose this week to recover from previous week’s dip. The yields on the 91-day and 182-day bills have remained trapped at 2-year low levels since late March, 2020 in line with efforts by the government to drive down rates. Expectation of slower rates of inflation is expected to keep the current trend of the 91-day and 182-day bills into the near-term.

After dipping by 6 basis points (bps) last week, the 91-day bill rose to post a recovery as it hardened by 6 bps. It strengthened from 14.0054% posted last week to 14.0645% this week.

The yield on the 182-day bill gained by 2 bps this week to recover from previous week’s 2 bps dip. It rose to 14.1274% this week from 14.1083% posted last week.

Week-on-Week Changes for 23^rd November, 2020

	16-Nov-20	23-Nov-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.0054%	14.0645%	0.06	0.4220%
182 – Day	14.1083%	14.1274%	0.02	0.1354%

Auction results from Bank of Ghana (BoG) tender 1721 further indicated that after several weeks of continued high demand for the government’s Treasury assets, demand failed to meet the intended target amount this week as yields continue to dwindle.

A total of GHC 773.71 million bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 985.00 million. The government accepted all bids tendered.

Next week, the government will be expected raise a total of GHC 984.00 million from 91-day, 182-day, and 364-day bills.