The rates on the 91-day, 182-day and 364-day bills have all increased
In a notable shift, interest rates have climbed across the yield curve for the first time since January 1, 2024, as revealed by auction results from the Bank of Ghana.
The rates on the 91-day, 182-day, and 364-day bills have all witnessed an upward trajectory. Specifically, the yield on the 91-day bill has risen by 9.0 basis points to reach 25.73%. Similarly, the 182-day bill has seen an increase to 28.22%, up from the previous week's 28.14%, while the 364-day bill experienced a 34-basis-point uptick to 28.83%.
This surge in rates coincides with tightening liquidity in the money market, attributed to uncertainties surrounding the government's debt restructuring with Eurobond holders.
In addition, the government fell short of its T-bills target by 8.8%, achieving GH¢2.560 billion compared to the targeted GH¢2.808 billion. Notably, the 91-day bill emerged as the most sought-after financial instrument, with GH¢2.023 billion, representing 80.72% of tenders, being accepted in full.
Following closely, the 182-day bill saw GH¢417.58 million in tenders, all of which were accepted. Similarly, all GH¢120.09 million worth of bids for the 364-day bill were accepted.