Treasury Rates for January 10, 2022

Security	Interest Rates
91 – Day Bill	12.5249%
182 – Day Bill	13.1980%

Short-term Government of Ghana Treasury bills rates declined from previous week’s level despite higher inflation expectations with the December inflation rate expected to be slightly higher than that printed in November. The recent upward readings in inflation figures have lifted up the yields on the medium to long-term Treasury securities but have had a sticky bearing on the short-term securities.

The 91-day bill was little changed this week after accumulating a 5 basis point (bp) gain in the past three weeks. It cleared at 12.5249% this week from 12.5256% registered last week.

The 182-day bill lost by 1 bp to erase part of last week’s 3 bps gain. It declined from 13.2114% recorded last week to 13.1980% this week.

Week-on-Week Changes

Term	Previous	Current	w-o-w Change	w-o-w % change	Year-to-Date
91 – Day	12.5256%	12.5249%	0.00	-0.01%	-0.01%
182 – Day	13.2114%	13.1980%	-0.01	-0.10%	-0.10%

Auction results from the Bank of Ghana (BoG) tender 1780 showed that demand came in slightly higher than the government’s target.

A total of GHC 982.73 million worth of bids were tendered for the 91-day and 182-day bills against the government’s target amount of GHC 982.00 million. The government accepted all bids tendered.

Next week, the government will be seeking to raise a total of GHC 1,051.00 million from 91-day and 182-day bills.