Treasury Rates For January 20th, 2020

Period	Interest Rates
91 – Day	14.7022%
182 – Day	15.1689%
3 – Year Fixed Rate Bond	20.7500%

Short-term Government of Ghana (GoG) Treasury bill rates was mixed this week as the yield on the 91-day bill built on previous week’s gain whilst the 182-day bill erased parts of previous weeks’ gains. This comes after a relatively subdued consumer prices in 2019.

The yield on the 91-day bill rose marginally to build on previous week’s 2 basis points (bps) gain. It rose from 14.6935% recorded last week to 14.7022% this week.

The 182-day bill posted a marginal decline to decrease from 15.1727% last week to 15.1689% recorded this week.

Week on week changes for 20^th January, 2020

	13-Jan-20	20-Jan-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.6935%	14.7022%	0.0087	0.0592%
182 – Day	15.1727%	15.1689%	-0.0038	-0.0250%

Auction results from Bank of Ghana (BoG) tender 1677 further indicated that demand rose for the second consecutive time to beat the government’s target amount.

Total bids tendered for the 91-day and 182-day bills came in at GHC 868.00 million against the government’s target amount of GHC 822.00 million. All bids tendered were accepted.

As per its issuance calendar for the first quarter of the year, the government issued its first 3-year fixed-rate bond in six months where the yield on the bond climbed it to its highest since March, 2017 where the 3-year fixed-rate bond peaked at 21.50%. The 3-year fixed-rate bond came in at 20.75% from 19.70% posted at the last issuance in May, 2019. There was a strong demand for the bond as demand rose to GHC 1,447.39 against a target of GHC 1,000.00.

Next week, the government is expected to increase its target amount to raise a total of GHC 925.00 million from 91-day, 182-day, and 364-day bills.