Money Market Update 2nd October 2023

Rates Commentary

Primary Market: Treasury Bills & Bank of Ghana Bills Expected maturities for September 25th include:

• GHS 2.41 billion in Treasury Bill maturities, encompassing 91-day,

182-day, and 364-day bills.
• GHS 1.06 billion in BOG Bill maturities, primarily stemming from
56-day Bills.

Treasury Bills – Demand

Treasury Bill Current Previous 1W% YTD %

91-DAY 28.80% 28.50% 0.30% -6.57%
182-DAY 30.92% 30.68% 0.24% -5.06%
364-DAY 32.82% 32.51% 0.31% -3.07%

BoG Bills &

Interbank Interest Current Previous 1W% YTD %
Rates
56-DAY 30.08% 30.00% 0.09% 3.00% Last week’s Treasury Bill Auction was marginally undersubscribed by
GHIBOR 27.60% 27.46% 0.14% 2.17% 2.71% with the government accepting a total of GHS 2.50 billion
across the 91, 182 and 364-Day tenors against an auction target of
GHS 2.57 billion.
Commentary

Over the past week, we have witnessed a significant surge in short-

term interest rates. To be specific, the rates for 91-day and 182-day bills
have climbed by 30 and 24 basis points, respectively, reaching 28.80%
and 30.92%. Additionally, the 364-day bill also experienced a
noteworthy increase of 31 basis points, now reaching 32.82%.

Liquidity

Money Market Term of the Week

Banker’s Acceptance: A banker’s acceptance is a form of short-term

debt that is issued by a firm but guaranteed by a bank. It is created by
a drawer, providing the bearer the rights to the money indicated on its
face at a specified date. It is often used in international trade because
of the benefits to both the drawer and the bearer.

ACI Ghana Money Market Committee Members:

Kofi Koduah-Sarpong | Ebenezer Allotey | Ronald Mensah | Kojo Bedu-Addo | Paul Nyarko Page 1