| Period | Interest Rates |
| 91 – Day | 14.7150% |
| 182 – Day | 15.1501% |
| 364 – Day | 18.1898% |
This week, short-term Government of Ghana (GoG) Treasury bill rates rose marginally after weeks of mixed performances. The yields on the government’s 91-day, 182-day and 364-day bills picked up in line with the recent up-tick in inflation reading for the month of February, 2019. Consumer prices rose from a 6-year low at 9.0% in January to 9.2% in February on the back of the Cedi’s depreciation against its major trading partner currencies. Investors are expected to continue to bid for higher yields as the Cedi continue to remain under pressure.
The yield on the 91-day bill recovered from previous week’s dip to post its first significant gain in 4 weeks. It hardened by a 1 basis point (bps) from 14.7071% last week to 14.7150% this week.
The yield on the 182-day bill rose marginally this week to build on last week’s 2 bps gain. It rose from 15.1474% last week to 15.1501% this week.
The 364-day bill gained 16 bps to recover from the previous issuance’s 13 bps dip. It rose from 18.0287% to 18.1898% this week.
Week on week changes for 18th March, 2019
| 11-Mar-19 | 18-Mar-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7071% | 14.7150% | 0.0079 | 0.0537% |
| 182 – Day | 15.1474% | 15.1501% | 0.0027 | 0.0178% |
Auction results from Bank of Ghana (BoG) tender 1633 further showed that demand for the government’s short-term Treasury instruments was oversubscribed by 12% on the heels of higher inflation expectations by investors. The government accepted only GHC 715.68 million bids from a total of GHC 733.88 million bids tendered against a target of GHC 654.00 million for its 91-day, 182-day and 364-day bills.
Next week, the government is expected to increase its target amount to raise a total of GHC 684.00 million from 91-day and 182-day bills.
91-day and 182-day Bills Trend over the last Two Years
