Treasury Rates for September 7th 2020

Security	Interest Rates
91 – Day Bill	14.0172 %
182 – Day Bill	14.1058 %
364 – Day Bill	16.9126 %

This week, short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance ahead of the announcement of consumer prices data for August where the rate of inflation is expected to remain above the central bank’s medium-term inflation target band of 8.0% ± 2.0%.

The 91-day bill ended three weeks of consecutive gains this week as it declined by 4 basis points (bps). It fell from 14.0599% posted last week to 14.0172% this week.

The 182-day bill rose by 3 bps this week after posting 2 weeks of declining performance. It strengthened from 14.0771% recorded last week to 14.1058% this week.

The yield on the 364-day bill increased by 8 bps this week to recover part of previous issuance’s 11 bps dip. It rose to 16.9126% this week from 16.8346% recorded at its last issuance.

Week-on-Week Changes for 7^th September, 2020

	31-Aug-20	7-Sep-20	CHANGE	PERCENTAGE CHANGE
91 – Day	14.0599%	14.0172%	-0.0427	-0.3037%
182 – Day	14.0771%	14.1058%	0.0287	0.2039%

Auction results from Bank of Ghana (BoG) tender 1710 further showed that demand for the government’s short-term assets lost steam as it narrowly missed the government’s target.

A total of GHC 1,026.57 million bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,041.00.00 million. The government subsequently accepted all bids tendered.

Next week, the government is expected to reduce its intended target amount to raise a total of GHC 919.00 million from 91-day and 182-day bills.