ACI Ghana weekly money market update – September 16, 2024

Below is Ghana’s money market update for the week beginning September 16, 2024.

KEY TAKEAWAYS

The yields for 91-Day, 182-Day and 364-Day Treasury Bills were up by 2 bps, 1 bp and 15 bps, respectively, closing at 24.92%, 26.80% and 28.07%, respectively. The BOG 56-Day BoG Bill rate fell by 1 bp, and the interbank rate was flat, closing at 28.99% and 28.84%, respectively.

Expected maturities for the week of September 16, 2024, include:

>> GHS 5.08 billion in Treasury Bill maturities comprising:

1. GHS 3.77 billion in 91-day maturities due on September 16^th
2. GHS 1.07 billion in 182-day maturities due on September 16^th
3. GHS 248.36 million in 364-day maturities due on September 16^th

>> GHS 2.48 billion in 56-day Bill maturities comprising:

1. GHS 735.56 billion due on September 16^th
2. GHS 1.75 billion due on September 18^th

The demand for the Treasury Bill auction on Friday was oversubscribed for the first time in nine weeks by 2.40%. A total of GHS 5.530 billion in bids was accepted. The amount accepted was above the auction target of GHS 5.400 billion by GHS 129.67 million.

Money Market Term(s) of the Week

ISDA Master Agreement – Events:

Multiple external events can affect a party’s ability to perform its obligations under one or more transactions. Many of these external events are contemplated by the Master Agreement, which focuses on events of default and termination events. While the ultimate consequence of both is the same, they are conceptually distinct. The mechanics for determining when an event of default or termination event has occurred depends on the specific event.