Treasury Rates for September 6, 2021

Security	Interest Rates
91 – Day Bill	12.4499%
182 – Day Bill	13.1952%
364 – Day Bill	16.0995%

Treasury bills rates failed to consolidate last week’s gains as the yields on the 91-day, 182-day, and 364-day bills resumed their downward trajectory this week. This week’s Treasury performance comes ahead of the announcement of consumer prices data for August where it is expected that recent price pressures will keep the inflation rate above the mid-point of the central bank’s inflation target band.

The yield on the 91-day bill dipped by 1 basis point (bps) to erase part of last week’s 4 bps gain. It fell from 12.4622% registered last week to 12.4499% this week.

The 182-day bill wiped off its gain recorded last week as it declined by 3 bps this week versus last week’s 2 bps jump. It dipped to 13.1952% this week from 13.2239% printed last week.

The yield on the 364-day bill remained subdued as it further shed 1 bps adding onto previous weeks’ losses. It tumbled to 16.0995% this week from 16.1134%.

Week-on-Week Changes

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.4622%	12.4499%	-0.01	-0.10%	-11.68%
182 – Day	13.2239%	13.1952%	-0.03	-0.22%	-6.75%
364 – Day	16.1134%	16.0995%	-0.01	-0.09%	-5.10%

Auction results from Bank of Ghana (BoG) tender 1762 showed that after a weak demand for the government’s short-term assets last week, demand picked up steam this week on higher inflation expectations.

A total of GHC 1,607.76 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,328.00 million. The government accepted all GHC 1,144.98 million worth of bids tendered for the 91-day bill and accepted only GHC 377.54 million worth of bids out of GHC 462.78 million worth of bids tendered for the 182-day and 364-day bills.

Next week, the government will be seeking to raise a total of GHC 1,380.00 million from 91-day and 182-day bills.