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Treasury Rates [November 25, 2024]

Security Interest Rates
91 – Day Bill 27.1925%
182 – Day Bill 27.9884%
364 – Day Bill 29.8245%

Treasury bill rates edged up this week, building on gains recorded over the past few weeks as investors continue to bid for higher returns on the back expectations of higher inflation numbers with the festive season drawing closer. Also supporting the unrelenting surge in Treasury yields are moves by the government to attract investors with higher returns as the government aims to raise more funding to support its election-linked expenditures.

The 91-day bill rose by a bigger margin this week, up by 22 basis points (bps) to build on last week’s 14 bps increase. It rose from 26.9693% posted last week to clear at 27.1925% this week.

The yield on the 182-day bill rose by 20 bps, sending its accumulated gains over the 8 weeks to one percentage point. It soared to 27.9884% this week, up from 27.7876% registered last week.

The 364-day bill came in as the star performer for the week, registering a whooping 61 bps increase, against a 9 bps increase recorded last week. It surged to 29.8245% this week from 29.2178% recorded last week.

Week-on-Week Change

Tenor Previous Current w-o-w Change w-o-w Change (%) Year-to-Date
91 – Day 26.9693% 27.1925% 0.22 0.83% -7.01%
182 – Day 27.7876% 27.9884% 0.20 0.72% -12.22%
364 – Day 29.2178% 29.8245% 0.61 2.08% -8.19%

Treasury results of tender 1930 revealed that investors acted cautiously with the government seemingly increasing its weekly targets to meet its year-end budget constraints. The government was thus able to achieve 93.0% of its target, missing its target for the second consecutive time.

A total of GHS 6,413.04 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s increasing overambitious target amount of GHS 6,896.00 million. The government accepted all GHS 4,244.33 million, GHS 843.99 million, and GHS 1,324.72 million worth of bids tendered for the 91-day, 182-day, and 364-day bills respectively.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 6,098.00 million from 91-day, 182-day, and 364-day bills to meet GHS 4.99 billion worth of maturing papers due next week.

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