Treasury Rates for June 14th 2021

Security	Interest Rates
91 – Day Bill	12.6395%
182 – Day Bill	13.4203%
364 – Day Bill	16.3374%

Following the release of inflation figures for May where the national inflation rate dipped further to 7.5%, its lowest in more than 8 years, short-term Government of Ghana (GoG) Treasury bills rates followed a similar trajectory as the 91-day, 182-day, and 364-day bills extended their sluggish performances.

The 91-day bill declined by 7 basis points (bps) this week to build on last week’s 7 bps dip. It fell from 12.7061% recorded last week to 12.6395% this week.

The 182-day bill extended its downward streak for the fifth consecutive time this week as it fell marginally by 1 bps. It dipped to 13.4203% this week from 13.4299% registered last week.

The 364-day bill plunged by 15 bps this week, its worst weekly decline so far in 2021. It tumbled from 16.4871% at its last issuance to 16.3374% this week.

Week-on-Week Changes for 14^th June, 2021

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.7061%	12.6395%	-0.07	-0.52%	-10.33%
182 – Day	13.4299%	13.4203%	-0.01	-0.07%	-5.15%
364 – Day	16.4871%	16.3374%	-0.15	-0.91%	-3.69%

Auction results from Bank of Ghana (BoG) tender 1750 showed that demand rose this week to beat the government’s expectation despite the continuous underperformance of Treasury assets amidst expectations of slower inflationary figures.

A total of GHC 1,345.50 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,171.00 million. The government accepted all bids tendered for the 91-day and 364-day bills but accepted GHC 136.63 million worth of bids out of GHC 141.63 million worth of bids tendered for the 182-day bill.

Next week, the government will be seeking to raise a total of GHC 1,175.00 million from 91-day and 182-day bills.