ACI Ghana weekly money market update – July 1, 2024

Below is Ghana’s money market update for the week beginning July 1, 2024.

KEY TAKEAWAYS

Yields 91-Day, 182-Day, and 1-Year T-Bills were flat, closing at 24.87%, 26.80%, and 27.79% respectively. BOG 56-day bill remained flat at 29.00% and the interbank was also flat at 28.83%.

Expected maturities for the week of July 1, 2024, include:

>> GHS 2.12 billion in Treasury Bill maturities comprising:

1. GHS 1.71 billion in 91-day maturities due on July 1^st  
2. GHS 416.33 million in 182-day maturities due on July 1^st

>> GHS 841.97 billion in 56-day Bill maturities comprising:

1. GHS 712.63 billion due on June 24^th
2. GHS 129.34 billion due on June 26^th

The Treasury Bill auction demand on Friday was oversubscribed by 12.79%. The Government accepted bids totalling GHS 2.995 billion. This exceeded the auction target of GHS 2.656 billion by GHS 339.30 million.

Money Market Term(s) of the Week

Risk-Free Rates (RFRs) – The Tokyo Overnight Average Rate (TONAR): TONAR is the risk-free unsecured interbank overnight interest rate for the Japanese Yen – it’s also known as TONA. The TONAR interest rate is calculated  by  taking  a  volume-weighted average  of  all  uncollateralised overnight transactions settled on the same day as the trade date, but that mature the following business day. The final figure is expected to be calculated in the same way as new benchmarks such as SONIA and SOFR, using historical transactions from financial institutions.