Treasury Rates [December 26, 2022]

Security	Interest Rates
91 – Day Bill	35.3608%
182 – Day Bill	35.9030%

Short-term Government of Ghana Treasury rates came in mixed this week as the 91-day bill recorded its first weekly gain in three weeks whilst the 182-day bill remained pressured, adding to previous weeks’ declines.

The 91-day bill gained by 43 basis points (bps) to clear at 35.3608% this week whilst the 182-day bill lost by 13 bps to also clear at 35.9030%.

Week-on-Week Changes

Tenor	Previous	Current	w-o-w Change	w-o-w % Change	Year-to-Date
91 – Day	34.9278%	35.3608%	0.43	1.24%	182.31%
182 – Day	36.0337%	35.9030%	-0.13	-0.36%	171.76%

Auction results of tender 1830 revealed that after last week’s impressive performance of short-term Treasury papers, investors continued to strong interest in the government’s short-term papers as the target amount was again oversubscribed for the sixth consecutive time.

A total of GHS 2,180.27 million worth of bids were tendered for the 91 and 182 tenors against the government’s target amount of GHS 1,438.00 million. The government accepted all GHS 601.99 million worth of bids tendered for the 182-day bill but only accepted GHS 1,413.86 million out of GHS 1,578.28 million worth of bids tendered for the 91-day bill.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 1,869.00 million from 91-day, 182-day, and 364-day bills.