ACI Ghana weekly money market update – March 11, 2024

Below is Ghana’s money market update for the week beginning March 11, 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 all fell by 25bps to close at 26.75%, 29.25%, and 29.85% respectively. BOG 56-day bill rate and interbank interest rate remained unchanged at 29.00% and 28.47% respectively.

Expected maturities for the week of March 11, 2024, include:

>> GHS 5.44 billion in Treasury Bill maturities comprising:

1. GHS 2.53 billion in 91-day maturities due on March 11^th
2. GHS 289.19 million in 182-day maturities due on March 11^th

3. GHS 959.57 million in 364-day maturities due on March 11^th

>> GHS 5.47 billion in 56-day Bill maturities comprising:

1. GHS 3.55 billion due on March 11^th

2. GHS 1.92 billion due on March 13^th

The Treasury Bill auction on Friday witnessed weakened demand even though the target was exceeded by 12.74%. The Government accepted a total of GHS 4.83 billion, surpassing the auction target of GHS 4.285 billion by GHS 545.77 million.

Money Market Term(s) of the Week

Fixed Index: Usually the money market reference rate (LIBOR, EURIBOR, TIBOR, SOFR, SONIA, EONIA/ESTER, GHIBOR), often a 3-months or 6- months index, but also individual solutions for each swap, i.e. 1-months, 12- months or other indices are also possible.