Money Market Update 27th May 2024

Rates
Primary Market: Treasury Bills & Bank of Ghana Bills

GoG Treasury Bills Current Previous 1W% YTD %

91-DAY 25.10% 25.10% 0.00% -4.14% Commentary
182-DAY 26.95% 26.95% 0.00% -4.93%
364-DAY 27.95% 27.95% 0.00% -4.54%
Expected maturities for the week of May 27th 2024 include:
• GHS 4.06 billion in Treasury Bill maturities:
BoG Bills & Interbank Interest o GHS 3.41 billion in 91-day maturities due on May 27th
Current Previous 1W% YTD %
Rates
o GHS 375.89 million in 182-day maturities due on May 27th
56-DAY 29.00% 29.00% 0.00% -1.00%
GHIBOR 28.74% 28.74% 0.00% -1.37%
o GHS 274.45 million in 364-day maturities due on May 27th

Commentary • GHS 407 million in 56-day BOG Bill maturities:

o GHS 407.93 million due on May 29th
Yields on the 91-Day, 182-Day and 1-Year T-Bill rates remained at 25.10%,
26.95%, and 27.95% respectively. BOG 56-day bill and interbank rate also
remained at 29.00% and 28.74% respectively.
Treasury Bills – Demand

Liquidity

The Treasury Bill auction demand on Friday was undersubscribed by

15.41%. The Government accepted all bids totalling GHS 4.115 billion,
which was below the auction target of GHS 4.865 billion.

Auction Target GHS 4.865 billion

Total Bids GHS 4.115 billion
Total Accepted GHS 4.115 billion
Bid-to-Cover 1.0000x
Subscription Ratio 1.0079x

Money Market Term(s) of the Week

Commercial Paper (CP) issuance modes: CP may be issued as either a
Discreet issuance or a Shelf Issuance Programme.
Discrete issuance: This refers to a single, standalone CP issuance. It is ideal
for issuers who do not frequently issue CP. Each new issuance requires
separate documentation to be registered or filed with the SEC and the GSE.
Shelf issuance programme: This method allows for multiple CP issuances
under a single set of documentation, without the need to re-register or re-file
for each issuance. It is more suitable for companies that expect to access the
market frequently.

ACI Ghana Money Market Committee Members:

Kofi Koduah-Sarpong | Ebenezer Allotey | Ronald Mensah | Kojo Bedu-Addo | Nicholas Tawiah Page 1
 Money Market Update 27th May 2024
Repo Market Flows

ACI Ghana Money Market Committee Members:

Kofi Koduah-Sarpong | Ebenezer Allotey | Ronald Mensah | Kojo Bedu-Addo | Nicholas Tawiah Page 2