| Security | Interest Rates |
| 91 – Day Bill | 13.9933% |
| 182 – Day Bill | 14.0520% |
Short-term Government of Ghana (GoG) Treasury bill rates remained stuck in a more than 1-year low despite intentions by the government to increase its domestic borrowing to finance a widened fiscal deficit. Although the 91-day bill rose marginally this week, the 182-day failed to post a comeback in two weeks.
The 91-day bill rose by 2 basis points (bps) to further build on previous week’s 10 bps gain. It rose from 13.9685% posted last week to 13.9933% this week, its highest in five weeks.
The 182-day bill was little changed this week as it further declined marginally to 14.0520% this week from 14.0532% posted last week.
Week-on-Week Changes for 3rd August, 2020
| 27-Jul-20 | 3-Aug-20 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 13.9685% | 13.9933% | 0.0248% | 0.1775% |
| 182 – Day | 14.0532% | 14.0520% | -0.0012% | -0.0085% |
Auction results from Bank of Ghana (BoG) tender 1705 further showed that after several weeks of sluggish demand for the government’s assets, demand picked up this week to beat the government’s target amount as investors anticipate more borrowing from the government amid expectations of higher inflation rates.
A total of GHC 767.38 million bids were tendered for the 91-day and 182-day bills, against the government’s target amount of GHC 617.00 million. The government subsequently accepted all bids tendered.
Next week, the government is expected to double its intended target amount to raise a total amount of GHC 1,225.00 million from 91-day, 182-day, and 364-day bills.