Treasury Rates for May 31st 2021

Security	Interest Rates
91 – Day Bill	12.7799%
182 – Day Bill	13.5055%
364 – Day Bill	16.4871%

Ahead of the announcement of the third policy rate for 2021, short-term government of Ghana Treasury yields were mixed this week as both the 91-day and 364-day bills registered some gains whilst the 182-day bill further extended its downward streak.

The 91-day bill gained 2 basis points (bps) to recover part of last week’s 3 bps dip. It rose from 12.7566% posted last week to 12.7799% this week.

The yield on the 182-day bill fell for the third consecutive time this week after posting a brief recovery in early May. It tumbled from 13.5402% last week to 13.5055% this week, its lowest since August, 2017.

The 364-day bill gained 7 bps this week to recover from its previous issuance’s 1 bps dip. It climbed to 16.4871% this week from 16.4194% registered last week.

Week-on-Week Changes for 31^st May, 2021

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.7566%	12.7799%	0.02%	0.18%	-9.33%
182 – Day	13.5402%	13.5055%	-0.03%	-0.26%	-4.55%
364 – Day	16.4194%	16.4871%	0.07%	0.41%	-2.81%

Auction results from Bank of Ghana (BoG) tender 1748 further indicated that demand for the government’s short-term assets rose sharply to beat the government’s target amount by over 50% after a sluggish demand was experienced last week.

A total of GHC 1,852.67 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,177.00 million. The government accepted GHC 1,817.56 worth of total bids submitted.

Next week, the government will be seeking to raise a total of GHC 1,281.00 million from 91-day and 182-day bills.