Treasury Rates for April 12th 2021

Security	Interest Rates
91 – Day Bill	12.8453%
182 – Day Bill	13.6175%
364 – Day Bill	16.4456%

Ahead of the announcement of consumer prices data for the last month of the first quarter, short-term Government of Ghana Treasury bill rates extended its downward trajectory amidst expectations of higher inflationary figures. March’s inflation rate will be expected to remain above the Bank of Ghana’s medium-term inflation target band in line with the increases in the prices of petroleum products.

The yield on the 91-day bill further dipped by 4 basis points (bps) this week to add onto previous week’s 3 bps loss. It declined from 12.8453% posted last week to 12.8098% this week, its lowest since mid-August, 2017.

The 182-day bill registered its fourteenth weekly consecutive loss in 2021 this week as it dipped by 1 bps. The yield on the 182-day bill has within the year to date accumulated a loss of 53 bps. It fell to 13.6066% this week from 13.6175% posted last week.

The 364-day bill posted its biggest weekly decline in 2021 this week as it fell by 13 bps. It plunged from 16.5717% posted last week to 16.4456% this week, its lowest in more than 2 years.

Week-on-Week Changes for 12^th April, 2021

Term	Previous	Current	Change	Percentage Change
91 – Day	12.8453%	12.8098%	-0.04	-0.2764%
182 – Day	13.6175%	13.6066%	-0.01	-0.0800%
364 – Day	16.5717%	16.4456%	-0.13	-0.7609%

Auction results from Bank of Ghana (BoG) tender 1741 showed that demand fell short of the government’s intended target amount for the very first time this year after weeks of strong expression of interest in government papers.

A total of GHC 1,170.88 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,540.00 million. The government subsequently accepted all bids tendered.

Next week, the government will be expected to reduce its target amount to raise a total of GHC 950.00 million from 91-day and 182-day bills.