Treasury Rates for September 20, 2021

Security	Interest Rates
91 – Day Bill	12.4946%
182 – Day Bill	13.1733%
364 – Day Bill	16.1358%

The yields on the government’s short-term securities were mixed this week as the jump in the recent inflation reading drove the yields on the 91-day and 364-day bills upwards. The persistence of upward price pressures on consumer goods buoyed by the Cedi’s depreciation and concerns over the possibility of food shortages failed to lift the yield on 182-day bill.

After registering a marginal gain last week, the yield on the 91-day strengthened further by 4 basis points (bps) this week. It hardened from 12.4510% posted last week to 12.4946% this week.

The 182-day bill dipped by 4 bps this week to 13.1734% from 13.2120% posted last week.

The 364-day bill recovered part of previous weeks’ decline as it gained 4 bps this week. It rose from 16.0995% posted last week to 16.1358% this week.

Week-on-Week Changes

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.4510%	12.4946%	0.04	0.35%	-11.36%
182 – Day	13.2120%	13.1734%	-0.04	-0.29%	-6.90%
364 -Day	16.0995%	16.1358%	0.04	0.23%	-4.88%

Auction results from Bank of Ghana (BoG) tender 1764 showed that for the second consecutive time, demand fell short of the government’s target amount despite expectations of higher inflation figures.

A total of GHC 1,207.86 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,474.00 million. The government accepted all bids tendered for the 91-day and 182-day bills. It however accepted GHC 191.60 million worth of bids tendered for the 364-day bill from a total of GHC 192.20 million worth of bids.

Next week, the government will be seeking to raise a total of GHC 1,290.00 million from 91-day and 182-day bills.