Treasury Rates [November 21, 2022]

Security	Interest Rates
91 – Day Bill	35.1966%
182 – Day Bill	35.9885%

Short-term Treasury bills rates were up this week, building on levels seen the previous week as the 91-day bill edged up by 80 basis points (bps) to clear at 35.1966% whilst the 182-day bill also rose by 49 bps to clear at 35.9885% this week.

Week-on-Week Changes

Tenor	Previous	Current	w-o-w Change	w-o-w % Change	Year-to-Date
91 – Day	34.3945%	35.1966%	0.80	2.33%
182 – Day	35.4992%	35.9885%	0.49	1.38%

Auction results of tender 1825 indicated a strong demand for the government’s short-term papers as bids came in excess of the target amount. The government thus achieved an oversubscription rate of 41.8%.

A total of GHS 1,656.48 million worth of bids were tendered for the 91 and 182 tenors against the government’s target amount of GHS 1,168.00 million. The government accepted all bids tendered.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 2,176.00 million from 91-day, 182-day and 364-day bills.