Treasury Rates for December 13, 2021

Security	Interest Rates
91 – Day Bill	12.4718%
182 – Day Bill	13.1940%
364 – Day Bill	16.3610%

Short-term Government of Ghana Treasury yields were mixed this week as the 91-day bill inched further down from its previous week’s level whilst the 182-day posted its first gain in four weeks. The announcement of consumer price data for November later in the week which is expected to persist above the upper bound of the central bank’s medium-term inflation target band will further affirm the ongoing normalization of short-term Treasury yields.

The 91-day bill declined by a basis point (bps) this week to build on last week’s 2 bps dip. It cleared at 12.4718% this week from 12.4784% registered last week.

The 182-day bill rose by 3 bps to recover part of 6 bps lost over the past month. It strengthened from 13.1618% cleared at last week’s auction to 13.1940% this week.

The yield on the 364-day bill added to its earlier gains as it surged by 6 bps to narrow its year-to-date losses. It rose from 16.3019% posted at its last issuance date to 16.3610% this week, its highest since late July.

Week-on-Week Changes

Term	Previous	Current	w-o-w Change	w-o-w % change	Year-to-Date
91 – Day	12.4784%	12.4718%	-0.01	-0.05%	-11.52%
182 – Day	13.1618%	13.1940%	0.03	0.24%	-6.75%
364 – Day	16.3019%	16.3610%	0.06	0.36%	-3.55%

Auction results from Bank of Ghana (BoG) tender 1776 revealed that demand came in slightly higher than the government’s target amount.

A total of GHC 780.23 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 775.00 million. The government subsequently accepted all bids tendered.

Next week, the government will be seeking to raise a total of GHC 1,146.00 million from 91-day, 182-day, and 364-day bills.