| Period | Interest Rates |
| 91 – Day | 14.6688% |
| 182 – Day | 15.0669% |
| 364 – Day | 18.0105% |
Short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance this week after recording three weeks of consecutive declines despite an upward movement in the last inflation reading. Demand for Treasury securities have improved in recent times after the Bank of Ghana hinted of a move to clean up the savings & loans and microfinance sectors.
This week, the yield on the 91-day Treasury bill rose marginally to post a 1 basis point (bps) gain to recover part of previous weeks’ lows. The yield on the 91-day bill rose from 14.6634% posted last week to 14.6688% this week.
The yield on the 182-day bill was little changed as it further dipped this week to extend its week-on-week declines to four weeks. It weakened from 15.0684% posted last week to 15.0669% this week, its lowest in 15 weeks.
The yield on the 364-day bill also fell by 4 bps this week to record its third consecutive decline. It has cumulatively declined by 18 bps in 6 weeks. It fell to 18.0105% this week from 18.0472% at its last issuance in mid-April.
Week on week changes for 29th April, 2019
| 22-Apr-19 | 29-Apr-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.6634% | 14.6688% | 0.0054 | 0.0368% |
| 182 – Day | 15.0684% | 15.0669% | -0.0015 | -0.0100% |
Auction results from Bank of Ghana (BoG) tender 1639 further showed that demand for the government’s short-term Treasury instruments surged this week to beat the government’s target amount.
Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 1,415.16 million against the government’s target amount of GHC 940.00 million. The government, however, accepted only GHC 1,024.17 million bids of the total tendered.
Next week, the government is expected to decrease its target amount to raise a total of GHC 817.00 million from 91-day and 182-day.
The Treasury Yield Curve
