ACI Ghana weekly money market update – September 9, 2024

Below is Ghana’s money market update for the week beginning September 9, 2024.

KEY TAKEAWAYS

The yields for 91-Da, and 364-Day Treasury Bill were up by 1 bps and 2 bps respectively closing at 24.90%, 27.93% respectively. The BOG 56-Day BoG Bill, 182-Day Treasury Bill and interbank rate were flat at 29.00%, 26.79% and 28.84% respectively.

Expected maturities for the week of September 9, 2024, include:

>> GHS 4.73 billion in Treasury Bill maturities comprising:

1. GHS 3.39 billion in 91-day maturities due on September 9^th
2. GHS 919.40 billion in 182-day maturities due on September 9^th
3. GHS 415.78 million in 364-day maturities due on September 9^th

>> GHS 3.41 billion in 56-day Bill maturities comprising:

1. GHS 1.88 billion due on September 9^th
2. GHS 1.53 million due on September 11^th

The Treasury Bill auction demand on Friday was undersubscribed for the ninth consecutive week by 13.47%. A total of GHS 4.849 billion in bids was accepted. The amount accepted was below the auction target of GHS 5.604 billion by GHS 754.86 million.

Money Market Term(s) of the Week

ISDA Master Agreement – What the master agreement is really about:

4. Disputes: The ISDA Master Agreement establishes how the parties should resolve any disputes.

5. Contract Formation and Legal Relations: The ISDA Master Agreement also contains a number of provisions aimed at creating a legally effective and robust contractual relationship between the parties. These include provisions on how the contract might be amended, any representations made by the parties and how notices are effectively delivered. 2. Payments and Deliveries: While the economic terms of a transaction are contained in the confirmation, there are a number of provisions within the ISDA Master Agreement that may affect or modify both the quantum and timing of payments and deliveries and the manner in which payments and deliveries are made.