ACI Ghana weekly money market update – May 20, 2024

Below is Ghana’s money market update for the week beginning May 20, 2024.

KEY TAKEAWAYS

Yields on the 91-Day, 182-Day and 1-Year T-Bill rates fell by 10bps, 5bps and 5bps to close at 25.10%, 26.95%, and 27.95% respectively. BOG 56-day bill and interbank rate remained at 29.00% and 28.74% respectively.

Expected maturities for the week of May 20, 2024, include:

>> GHS 2.99 billion in Treasury Bill maturities comprising:

1. GHS 2.42 billion in 91-day maturities due on May 20^th
2. GHS 568.49 million in 182-day maturities due on May 20^th

>> GHS 395 million in 56-day Bill maturities comprising:

1. GHS 69.39 million due on May 20^th
2. GHS 325.66 million due on May 22^nd

The Treasury Bill auction demand on Friday was oversubscribed by 0.79%. The Government accepted all the GHS 3.212 billion bids tendered, which was above the auction target of GHS 3.187 billion.

Money Market Term(s) of the Week

Commercial Paper (CP): A promissory note issued by a large corpora5on or financial institution usually for a short period no longer than 364 days. It may be issued at a discount or on an interest-bearing basis. With the introduc5on of the Ghana Stock Exchange’s Commercial Paper Market Rules, eligible CP admitted into the Ghana Fixed Income Market may be traded in the secondary market.