Treasury Rates for October 25, 2021

Security	Interest Rates
91 – Day Bill	12.4595%
182 – Day Bill	13.1569%

Short-term Government of Ghana Treasury bills rates picked up marginally this week slowing down the sharp declining trajectory experienced in the first half of the year as upward price pressures on consumer goods and services keeps inflation above the central bank’s medium-term target band. Inflation figures have steadily printed higher over the past four months buoyed by price pressures on food items, petroleum products, and utilities.

The yield on the 91-day bill rose by 1 basis point (bps) this week to recoup part of last week’s 3 bps decline. It cleared at 12.4595% this week from 12.4469% registered last week.

The 182-day bill climbed up by 1 bps this week in reaction to last week’s 1 bps dip. It rose from 13.1437% recorded last week to 13.1569% this week.

Week-on-Week Changes

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.4469%	12.4595%	0.01	0.10%	-11.61%
182 – Day	13.1437%	13.1569%	0.01	0.10%	-7.02%

Auction results from Bank of Ghana (BoG) tender 1769 showed that demand for the government’s short-term assets slowed this week after a busy last week which saw the issuance of 4 separate Treasury securities including a 3-year fixed-rate bond.

A total of GHC 993.99 million worth of bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 1,083.00 million. The government accepted all bids tendered.

Next week, the government will be seeking to raise a total of GHC 560.00 million from 91-day, 182-day, and 364-day bills.