Treasury Rates for November 15, 2021

Security	Interest Rates
91 – Day Bill	12.4836%
182 – Day Bill	13.2163%

This week, short-term Government of Ghana Treasury bills rates rose to build on last week’s gains in line with the pickup in the consumer price index. The inflation rate in October rose for the fifth consecutive time to its highest in more than 1 year as price increases on utilities and petroleum products coupled with the Cedi’s depreciation mounts upward pressures on consumer prices.

The 91-day bill was little changed this week as it climbed up marginally to build on last week’s 4 basis points surge (bps). It rose from 12.4827% registered last week to clear at 12.4836% this week.

The 182-day bill inched up by 5 bps this week. It rose from 13.1631% recorded last week to 13.2163% this week, its highest in more than 2 months.

Week-on-Week Changes

Term	Previous	Current	w-o-w Change	Percentage Change	Year-to-Date
91 – Day	12.4827%	12.4836%	0.00%	0.01%	-11.44%
182 – Day	13.1631%	13.2163%	0.05%	0.40%	-6.60%

Auction results from Bank of Ghana (BoG) tender 1772 showed that demand for the government’s short-term assets picked up steam this week as investors expect pressures on consumer prices to translate to exert upward pressures on Treasury yields.

A total of GHC 1,246.61 million worth of bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 1,191.00 million. The government, however, accepted only GHC 1,236.61 million worth of bids from the overall bids tendered.

Next week, the government will be seeking to raise a total of GHC 708.00 million from 91-day and 182-day bills.