Treasury Rates for July 26th 2021

Security	Interest Rates
91 – Day Bill	12.5625%
182 – Day Bill	13.3634%
364 – Day Bill	16.3983%

Short-term Government of Ghana Treasury bill rates rose marginally this week in line with the recent climb in the inflation reading. This represents the first simultaneous jump in the yields on the 91-day, the 182-day, and 364-day bills so far in 2021. It is however unclear what this new development means for Treasury rates going forward.

The yield on the 91-day bill was little changed this week as it rose marginally from 12.5582% registered last week to 12.5625% this week.

The 182-day similarly rose marginally from 13.3590% recorded last week to 13.3634% this week, its first increase in the last 10 weeks.

The yield on the 364-day bill was the biggest mover this week as it rose by 8 basis points to recover parts of previous issuance’s declining performance. It soared to 16.3983% from 16.3202% posted last week.

Week-on-Week Changes

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.5582%	12.5625%	0.00	0.03%		-10.88%
182 – Day	13.3590%	13.3634%	0.00	0.03%		-5.56%
364 – Day	16.3202%	16.3983%	0.08	0.48%		-3.33%

Auction results from Bank of Ghana (BoG) tender 1756 revealed that demand rose significantly this week to beat the government’s expectations after last week’s disappointing performance.

A total of GHC 1,856.30 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,019.00 million. The government virtually accepted all bids tendered.

Next week, the government will be seeking to raise a total of GHC 630.00 million from 91-day and 182-day bills.