Treasury Rates for April 5th 2021

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

Expectations of higher inflationary figures following upward reviews on the prices of petroleum products failed to prop-up the declining yields on the Government’s short term bills as both the yields on the 91-day bill and the 182-day bills registered losses from previous week’s level. The 91-day and the 182-day bills ended the first quarter with a year-to-date depreciation of 0.08% and 0.04% respectively.

The yield on the 91-day bill dipped by 3 basis points (bps), adding unto previous week’s 2 bps decline. It fell from 12.8744% posted last week to 12.8453% this week, its lowest in more than three years.

The 182-day has so far been unable to post any weekly again in 2021. It declined by 4 bps this week to build on previous week’s tiny loss. It fell to 13.6175% this week from 13.6540% posted last week.

Week-on-Week Changes for 5^th April, 2021

Term	Previous	Current	Change	Percentage Change
91 – Day	12.8744%	12.8453%	-0.03	-0.2260%
182 – Day	13.6540%	13.6175%	-0.04	-0.2673%

Auction results from Bank of Ghana (BoG) tender 1740 further indicated that the Government’s short-term bills was oversubscribed by 65% this week on continuous expression of interest in government assets by both domestic and offshore investors.

A total of GHC 1,095.92 million worth of bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 666.00 million. The government subsequently accepted all bids tendered.

Next week, the government will be expected to more than double its target amount to raise a total of GHC 1,540.00 million from 91-day, 182-day, and 364-day bills.