Treasury Rates for November 29, 2021

Security	Interest Rates
91 – Day Bill	12.5016%
182 – Day Bill	13.1685%
364 – Day Bill	16.3019%

This week, short-term Government of Ghana Treasury bills rates followed a similar performance recorded last week as the yield on the 91-day bill advanced for the third consecutive time in line with the recent spike in consumer prices whilst the yield on the 182-day bill failed to recover from last week’s dip. This week’s Treasury bill performance comes amid parliament’s failure to pass the government’s 2022 budget which analysts are warning that unless the impasse is resolved, could affect government’s borrowing and expenditure next year.

The 91-day bill climbed up by 1 basis point (bps) to send its accumulated gains over the past four weeks to 6 bps. It cleared at 12.5016% at this week’s auction as against last week’s 12.4961%.

The 182-day bill tumbled by 2 bps this week to build on last week’s 3 bps decline. It fell from 13.1872% posted last week to 13.1685% this week, its lowest in four weeks.

The yield on the 364-day added 2 bps to its previous issuance’s 5 bps gain. It cleared at 16.3019% this week from 16.2862% registered last week.

Week-on-Week Changes

Term	Previous	Current	w-o-w Change	Percentage Change	Year-to-Date
91 – Day	12.4961%	12.5016%	0.01	0.04%	-11.31%
182 – Day	13.1872%	13.1685%	-0.02	-0.14%	-6.93%
364 – Day	16.2862%	16.3019%	0.02	0.10%	-3.90%

Auction results from Bank of Ghana (BoG) tender 1774 showed demand came in weaker than expected as investors began to focus more on consumption ahead of the festive season.

A total of GHC 1,190.37 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,390.00 million. The government accepted all bids tendered.

Next week, the government will be seeking to raise a total of GHC 1,284.00 million from 91-day and 182-day bills.