Treasury Rates for January 11th 2020

Security	Interest Rates
91 – Day Bill	14.0930%
182 – Day Bill	14.1438%

This week, short-term government of Ghana Treasury bill rates failed to build on previous week’s gains as the yields on the 91-day and 182-day bills declined marginally in line with the slowdown in consumer prices. This week’s Treasury performance comes ahead of the announcement of end-of-year inflation figures where the rate of inflation for December will be expected to firm in the Bank of Ghana’s medium-term inflation target band of 8.0% ± 2.0%.

The 91-day bill was little changed this week as it fell marginally from 14.0957% posted last week to 14.0930%.

The 182-day bill declined by a 1 basis point (bps) this week after gaining 3 bps the previous week. It fell from 14.1497% recorded last week to 14.1438% this week.

Week-on-Week Changes for 11^th January, 2020

Term	Previous	Current	Change	Percentage Change
91 – Day	14.0957%	14.0930%	0.00%	-0.0192%
182 – Day	14.1497%	14.1438%	-0.01%	-0.0417%

Auction results from Bank of Ghana (BoG) tender 1728 further indicated that demand for the government’s short-term papers picked up steam this week after a sluggish performance last week.

A total of GHC 1,073.47 million bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 987.00 million. The government accepted all bids tendered.

Next week, the government will be expected to reduce its intended target amount to raise a total of GHC 756.00 million from 91-day and 182-day bills.