| Period | Interest Rates |
| 91 – Day | 14.7205% |
| 182 – Day | 15.1721% |
Short-term Government of Ghana (GoG) Treasury bill rates this week continued its downward trend as it the yield on the 182-day bill dipped for the seventh consecutive time. The yield on the 91-day bill also failed to post a recovery as it built on previous week’s dip. This week’s Treasury bill performance comes ahead of an inflation rate announcement for the month of June where a marginal reduction in the prices of petroleum products as well as a moderate depreciation of the Cedi is expected to ease the disinflation trajectory.
The yield on the 91-day Treasury bill weakened by 2 basis points (bps), adding on to previous week’s 3 bps dip. It declined to 14.7205%, its lowest in 10 weeks from 14.7438% posted last week.
The yield on the 182-day bill has cumulatively posted 30 bps loss as it failed to post a recovery after weeks of weakened performance. It softened from 15.1999% posted last to 15.1721% this week, its lowest since early May.
Week on week changes for 8th July, 2019
| 1-Jul-19 | 8-Jul-19 | CHANGE | PERCENTAGE CHANGE | ||
| 91 – Day | 14.7438% | 14.7205% | -0.0233 | -0.1580% | |
| 182 – Day | 15.1999% | 15.1721% | -0.0278 | -0.1829% | |
Auction results from Bank of Ghana (BoG) tender 1649 further showed that after weeks of a strong demand for the government’s short-term papers, demand this week plunged after investors largely participated in ESLA Plc’s 10-year bond which raised a total of GHC 1 billion at a yield of 19.85%.
Total bids tendered for the 91-day and 182-day bills came in at GHC 293.94 million against the government’s target amount of GHC 1,040.00 million. The government accepted all bids tendered.
Next week, the government is expected to decrease its target amount to raise a total of GHC 726.00 million from 91-day, 182-day, and 364-day bills.