| Period | Interest Rates |
| 91 – Day | 14.6968 % |
| 182 – Day | 15.1828 % |
| 364 – Day | 17.8094 % |
| 2 – Year Term Note | 20.2000 % |
Short-term Government of Ghana Treasury bill rates this week fell from previous week’s levels in line with a 10 basis points (bps) decline in the inflation rate. Latest consumer prices data released by the Ghana Statistical Service showed that the rate of inflation opened the year at 7.8% down from 7.9%. This came on the back of declines in the prices of imported products and non-food inflation items.
This week, the yield on the 91-day bill fell marginally after two weeks of tightening. It weakened from 14.7010% posted last week to 14.6968% this week.
The 182-day bill after posting its biggest rise in 2020 last week, failed to build on the gains made. It fell from 15.1841% recorded last week to 15.1828% this week.
The 364-day was little changed this week as it fell from 17.8096% to 17.8094%.
Week-on-Week Changes for 17th February, 2020
| 10-Feb-20 | 17-Feb-20 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.7010% | 14.6968% | -0.0042 | -0.0286% |
| 182 – Day | 15.1841% | 15.1828% | -0.0013 | -0.0086% |
Auction results from Bank of Ghana (BoG) tender 1681 further indicated that demand stayed low, failing to beat the government’s intended target amount.
Total bids tendered for the 91-day, 182-day, and 364-day bills came in at GHC 588.67 million against the government’s target amount of GHC 1,037.00 million. The government accepted GHC 581.43 million of total bids tendered.
As per the government’s issuance calendar for the first quarter of the year, the government issued a 2-year term note at a rate of 20.2000%. This represents a 75 bps decline from the last issuance at a rate of 20.9500%. Demand was sluggish as total bids came in at 484.73 against a target of GHC 1,800.00 million.
Next week, the government is expected to reduce its target amount to raise a total of GHC 797.00 million from 91-day and 182-day bills.
