| Period | Interest Rates |
| 91 – Day | 14.6263% |
| 182 – Day | 15.0865% |
| 364 – Day | 16.5672% |
This week, short-term Government of Ghana (GoG) Treasury bill rates continued its recovery path adding on to previous week’s gain. The yield on both the 91-day and the 182-day bills rose after the consumer price index ended 2018 with a marginal rise to 9.4%, up from 9.3% on the back of high demand for both food and non-food items during the festive season.
The yield on the 91-day bill gained 3 basis points (bps) this week after posting a marginal gain last week. It rose from 14.5963% recorded last week to 14.6263% this week, its highest since first week in May, 2017.
The yield on the 182-day bill also hardened by 4 bps to build on previous week’s gain. It rose from 15.0446% posted last week to 15.0865% this week, its highest since mid-May, 2017.
Week on week changes for 14th January, 2018
| 7-Jan-19 | 14-Jan-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.5963% | 14.6263% | 0.0300 | 0.2055% |
| 182 – Day | 15.0446% | 15.0865% | 0.0419 | 0.2785% |
Auction results from Bank of Ghana (BoG) tender 1624 further showed that demand for the short-term Treasury instruments surprisingly rose to beat the government’s target amount of GHC 428.00 million. Total bids tendered and accepted for both the 91-day and 182-day bills came in at GHC 528.24 million.
The government’s 1-year term note was hugely undersubscribed despite a 107 bps increase in the yield from 15.5000% to 16.5672%. The government accepted all GHC 5.88 million bids tendered against its target amount of GHC 125.00 million.
Next week, the government is expected to double its target amount to raise a total of GHC 823.00 million in 91-day and 182-day bills.