| Period | Interest Rates |
| 91 – Day | 14.7266% |
| 182 – Day | 15.1646% |
| 364 – Day | 18.0964% |
Short-term Government of Ghana (GoG) Treasury bill rates was mixed this week as the yields on the 91-day, 182-day, and 364-day bills continued to maintain a stable performance for most part of the first quarter of 2019. The yields on the 91-day and 182-day bills gained 0.83% and 0.76% respectively from the start of the year to the close of the first quarter of the year. This week’s mixed performance in short-term treasury yields come ahead of a policy rate announcement where the policy rate is expected to be stalled at 16% on the back of a recent uptick in inflation reading.
The 91-day Treasury bill began the second quarter of the year recording a 1 basis point (bps) gain to build on previous week’s tiny gain. It rose from 14.7176% posted last week to 14.7266% this week, its highest since early May, 2017.
The yield on the 182-day bill recorded its fourth consecutive gain this week as it rose marginally to build on last week’s 1 bps gain. It rose to its highest since mid-May, 2017 at 15.1646% this week from 15.1595% recorded the previous week.
The yield on the 364-day bill, however failed to post any gains as it weakened by 9 bps to fall to its lowest since March 4th, 2019. It fell from 18.1898% to 18.0964% this week.
Week on week changes for 1st April, 2019
| 25-Mar-19 | 1-Apr-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7176% | 14.7266% | 0.0090 | 0.0612% |
| 182 – Day | 15.1595% | 15.1646% | 0.0051 | 0.0336% |
Auction results from Bank of Ghana (BoG) tender 1635 further showed that the government’s short-term Treasury instruments was oversubscribed by a little over 125% on the back of higher investor optimism. Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 1,222.77 million. The government however accepted GHC 1,083.97 million bids against its target amount of GHC 529.00 million.
Next week, the government is expected to marginally increase its target amount to raise a total of GHC 579.00 million from 91-day and 182-day.
91-day and 182-day Bills Trend for 2019
