ACI Ghana – Financial Markets Association weekly money market update – May 6, 2024

Below is Ghana’s money market update for the week beginning May 6, 2024.

KEY TAKEAWAYS

Yields on the 91-Day, 182-Day and 1-Year T-Bill rates fell by 10bps, 25bps and 25bps to close at 25.45%, 27.40%, and 28.00% respectively. BOG 56- day bill and interbank rate remained at 29.00% and 28.74% respectively.

Expected maturities for the week of May 6, 2024, include:

>> GHS 2.73 billion in Treasury Bill maturities comprising:

1. GHS 1.91 billion in 91-day maturities due on May 6^th
2. GHS 439 million in 182-day maturities due on May 6^th
3. GHS 381 million in 364-day maturities due on May 6^th

>> GHS 7.09 billion in 56-day Bill maturities comprising:

1. GHS 4.13 billion due on May 6^th
2. GHS 2.96 billion due on May 6^th

The Treasury Bill auction demand on Friday was oversubscribed by 17.07%. The Government accepted all the GHS 3.465 billion bids tendered, which was above the auction target of GHS 2.960 billion.

Money Market Term(s) of the Week

Certificate of deposit: A certificate of deposit (CD) refers to a product extended by banks, credit unions, and other financial lenders to provide a specified interest rate to investors who leave a lump-sum deposit that cannot be withdrawn for a certain period of time.