Treasury Rates for December 14th 2020

Security	Interest Rates
91 – Day Bill	14.0774%
182 – Day Bill	14.1129%
364 – Day Bill	16.9883%

Short-term Government of Ghana Treasury bills rates posted a mixed performance this week as the yield on the 182-day bill declined from previous week’s levels in line with the fall in the inflation rate for November whilst the yields on the 91-day and 364-day bills climbed up to recover part of previous issuance’s dip.

The yield on the 91-day bill gained 1 basis point (bps) this week as it climbed to its highest level since early April. It rose from 14.0720% posted last to 14.0774% this week.

The 182-day failed to recover from previous week’s 1 bps dip as it further extended its decline by 1 bps this week. It fell from 14.1265% posted last week to 14.1129% this week.

The yield on the 364-day bill strengthened by 2 bps this week to jump to 16.9883% from 16.9670% posted at its last issuance.

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

	7-Dec-20	14-Dec-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.0720%	14.0774%	0.01	0.0384%
182 – Day	14.1265%	14.1129%	-0.01	-0.0963%

Auction results from Bank of Ghana (BoG) tender 1724 further indicated that demand for the government’s short-term papers strengthened this week to beat the government’s expectation despite the decline in the latest inflation figure.

A total of GHC 1,066.54 million bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 925.00 million. The government accepted all bids tendered.

Next week, the government will be expected to increase its intended target amount to raise a total of GHC 1,799.00 million from 91-day, 182-day, and 364-day bills.