ACI Ghana weekly money market update – July 29, 2024

Below is Ghana’s money market update for the week beginning July 29, 2024.

KEY TAKEAWAYS

The yield for 91-Day was flat at 24.79%. 182-Day rose by 3 bps and 1-Year T-Bills rose by 5 bps, closing at 26.74%, and 27.86% respectively. The BOG 56-day bill and interbank rates remained flat at 29.00% and 28.83% respectively.

Expected maturities for the week of July 15, 2024, include:

>> GHS 3.85 billion in Treasury Bill maturities comprising:

1. GHS 1.98 billion in 91-day maturities due on July 29^th
2. GHS 1.53 billion in 182-day maturities due on July 29^th
3. GHS 337.85 million in 182-day maturities due on July 29^th

>> GHS 458.73 billion in 56-day Bill maturities comprising:

1. GHS 386.00 million due on July 29^th
2. GHS 72.73 million due on July 29^th

The Treasury Bill auction demand on Friday was undersubscribed for a third consecutive week by 15.00%. The Government accepted bids totalling GHS4.062 billion. The amount accepted was below the auction target of GHS 4.78 billion by GHS 716.89 million.

Money Market Term(s) of the Week

ISDA Master Agreement: The ISDA Master Agreement, published by the International Swaps and Derivatives Association, is the most commonly used master service agreement for OTC derivatives transactions internationally. It is part of a framework of documents, designed to enable OTC derivatives to be documented fully and flexibly. Each time that a transaction is entered into, the terms of the master agreement apply automatically and do not need to be re-negotiated.