| Period | Interest Rates |
| 91 – Day | 14.7078% |
| 182 – Day | 15.1005% |
| 364 – Day | 18.0472% |
Short-term Government of Ghana (GoG) Treasury bill rates weakened this week despite a 10 basis points (bps) climb in the consumer price index for the month of March. The consumer price index rose from 9.2% in February to 9.3% in March after an upward adjustment in the prices of petroleum products at the pumps and a Cedi depreciation fed into high prices of food and non-food inflation items.
The 91-day Treasury bill failed to post a recovery after dipping by a 2 bps last week. This week, the yield on the 91-day bill fell marginally to 14.7078%, from 14.7105% posted last week.
The yield on the 182-day bill also softened by 2 bps points to build on last week’s 5 bps decline. It weakened from 15.1192% recorded last week to 15.1005% this week.
The 364-day bill also recorded its second consecutive dip this week as it fell by 5 bps from 18.0964% posted last week to 18.0472% this week.
Week-on-week changes for 15th April, 2019
| 8-Apr-19 | 15-Apr-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7105% | 14.7078% | -0.0027 | -0.0184% |
| 182 – Day | 15.1192% | 15.1005% | -0.0187 | -0.1237% |
Auction results from Bank of Ghana (BoG) tender 1637 further showed that the government’s short-term Treasury instrument was impressively oversubscribed by more than 100%, third in a series of oversubscriptions. This allowed the government to accept bids at relatively lower yields.
Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 1,167.67 million against the government’s target amount of GHC 565.00 million. The government, however, accepted only GHC 931.50 million bids of the total tendered.
Next week, the government is expected to increase its target amount to raise a total of GHC 716.00 million from 91-day and 182-day bills.
91-day and 182-day Bills Trend for 2019
