| Period | Interest Rates |
| 91 – Day | 14.7092% |
| 182 – Day | 15.1537% |
| 364 – Day | 18.1559% |
Short-term Government of Ghana (GoG) Treasury bill rates recovered from previous week’s marginal dip ahead of inflation announcement for the month of January. It is expected that the current depreciation of the Cedi would mount an upward pressure on consumer prices to build on the previous reading of the inflation rate where the consumer price index rose marginally from 9.3% to close 2018 at 9.4%.
This week, the yield on the 91-day bill posted a 1 basis point (bps) increase to its highest since the first week in May, 2017. It rose from 14.6960% last week to 14.7092% this week.
The yield on the 182-day bill also hardened by a 1 bps to post its highest in 21 months this week. It rose from 15.1446% recorded last week to 15.1537% this week.
Week on week changes for 11th February, 2019
| 4-Feb-19 | 11-Feb-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.6960% | 14.7092% | 0.0132 | 0.0898% |
| 182 – Day | 15.1446% | 15.1537% | 0.0091 | 0.0601% |
Auction results from Bank of Ghana (BoG) tender 1628 further showed that demand for the short to medium-term Treasury instruments failed to meet the government’s target amount of GHC 762.00 million. Total bids tendered for the 91-day, 182-day and 364-day bill stood at GHC 711.44 million, slightly below the government’s intended target, out of which a total of GHC 606.44 bids was accepted.
The yield on the government’s 364-day bill failed to build on previous weeks’ gains as it weakened by 12 bps from 18.2755% to 18.1559% this week.
Next week, the government is expected to increase its target amount to raise a total of GHC 698.00 million from 91-day and 182-day bills.
First Quarter Government of Ghana Borrowings
