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ACI Ghana weekly money market update – February 12, 2024

by The Sikaman Times
February 13, 2024
ACI Ghana weekly money market update – February 5, 2024
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Below is Ghana’s money market update for the week beginning February 12, 2024.

KEY TAKEAWAYS

Last week short-term interest rates continued the decline.

The yield on the 91-Day, 182-Day and 1-Year T-Bill rates fell by 30bps, 36bps and 40bps to close at 28.00%, 30.44% and 31.00% respectively. BOG 56-day bill rate fell by 2bps to 29.98%. Interbank interest rates fell by 25bps to 29.09%.

Expected maturities for the week of February 12th, 2024, include:

>> GHS 4.28 billion in Treasury Bill maturities comprising:

  1. GHS 3.15 billion in 91-day maturities due on February 12th
  2. GHS 261.69 million in 182-day maturities due on February 12th
  3. GHS 875.68 million in 182-day maturities due on February 12th

>>GHS 5.66 billion in 56-day BOG Bill maturities comprising:

  1. GHS 2.38 billion due on February 12th
  2. GHS 3.27 billion due on February 14th

The Treasury Bill auction on Friday witnessed robust demand, surpassing the target by 51.82%. Responding to the demand, the Government accepted a total of GHS 6.847 billion, surpassing the auction target of GHS 4.587 billion by GHS 2.260 billion.

Auction Target

GHS 4.587 billion

Total Bids

GHS 6.964 billion

Total Accepted

GHS 6.847 billion

Bid-to-Cover

1.0171x

Subscription Ratio

1.5182x

Money Market Term(s) of the Week

Swap Settlement date / effective date: On settlement date, the calculation of interest payments from the swap starts. Regarding the settlement date one differentiates between two types of swaps:

Spot swaps: settlement date is usually two days after the trading date.

Forward swaps: settlement date is on a different date than the two days after trading date.

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