Treasury Rates For November 18th 2019

Period	Interest Rates
91 – Day	14.6875%
182 – Day	15.1360%
364 – Day	17.9091%

Short-term Government of Ghana (GoG) Treasury bill rates extended its stable trajectory further this week despite a marginal rise in consumer prices. The consumer price index rose from 7.6% in September to 7.7% to begin the last quarter of the year as increases in transport fares and prices of petroleum products overtakes food inflation items as the main driver of consumer prices.

The yield on the 91-day bill was little changed this week as it fell marginally to erase part of previous week’s tiny gain. It strengthen from 14.6879% posted last week to 16.6875% this week.

The 182-day bill posted a 1 basis point (bps) gain this week to recover part of previous week’s loss. It rose to 15.1294% this week from 15.1360% recorded last week.

The 364-day bill fell from a 3-month high posted last week after the yield on the 364-day bill fell from 17.9197% recorded last week to 17.9091% this week.

Week-on-week changes for 18^th November, 2019

	11-Nov-19	18-Nov-19	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6879%	14.6875%	-0.0004	-0.0027%
182 – Day	15.1294%	15.1360%	0.0066	0.0436%

Auction results from Bank of Ghana (BoG) tender 1668 further showed that demand for the government’s short-term securities continue to surge beating expectations for the fifth consecutive time this week as investors continue to remain skeptical about private investment schemes and corporate debt instruments.

Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 651.62 million against the government’s target amount of GHC 500.00 million. The government, however accepted GHC 649.62 million of total bids tendered.

Next week, the government is expected to be ambitious as it intends to raise GHC 918.00 million from 91-day and 182-day bills.