ACI Ghana weekly money market update – July 8, 2024

Below is Ghana’s money market update for the week beginning July 8, 2024.

KEY TAKEAWAYS

Yields for 91-Day and 182-Day rose by 8 bps and 5 bps whilst 1-Year T-Bills were flat, closing at 24.79%, 26.75%, and 27.79% respectively. The BOG 56-day bill fell by 1 bp to close at 28.99%. The interbank rate remained flat at 28.83%

Expected maturities for the week of July 8, 2024, include:

>> GHS 2.75 billion in Treasury Bill maturities comprising:

1. GHS 2.02 billion in 91-day maturities due on July 8^th
2. GHS 595.72 million in 182-day maturities due on July 8^th
3. GHS 137.89 million in 364-day maturities due on July 8^th

>> GHS 2.51 billion in 56-day Bill maturities comprising:

1. GHS 1.09 billion due on July 8^th
2. GHS 1.42 billion due on July 10^th

The Treasury Bill auction demand on Friday was oversubscribed by 3.01%. The Government accepted bids totalling GHS 3.344 billion. This exceeded the auction target of GHS 3.247 billion by GHS 97.64 million

Money Market Term(s) of the Week

Money Market Deposit Account: A savings account that offers a higher rate of interest in exchange for larger than normal deposits.