Money Market Update 10th June 2024

Rates
Primary Market: Treasury Bills & Bank of Ghana Bills

GoG Treasury Bills Current Previous 1W% YTD %

91-DAY 25.04% 25.04% 0.00% -4.20%
Commentary
182-DAY 26.94% 26.92% 0.02% -4.94% Expected maturities for the week of June 10th 2024 include:
364-DAY 27.93% 27.91% 0.02% -4.56% • GHS 4.14 billion in Treasury Bill maturities:
BoG Bills & Interbank Interest
o GHS 2.72 billion in 91-day maturities due on June 10th
Current Previous 1W% YTD % o GHS 1.11 billion in 182-day maturities due on June 10th
Rates
56-DAY 29.00% 29.00% 0.00% -1.00% o GHS 308.36 million in 364-day maturities due on June 10th
GHIBOR 28.76% 28.74% 0.02% -1.35%
• GHS 4.28 billion in 56-day BOG Bill maturities:
Commentary o GHS 1.88 billion due on June 10th
Yields were flat on 91-Day at 25.04%, while 182-Day, and 1-Year T-Bills o GHS 2.39 billion due on June 12th
rose by 2 bps to close at 26.94%, and 27.93% respectively. BOG 56-day bill
remained flat at 29.00% and the interbank rate rose 2 bps to close at Treasury Bills – Demand
28.76%.
The Treasury Bill auction demand on Friday was oversubscribed by
Liquidity 19.47%. The Government accepted all bids totalling GHS 5.257 billion, This
exceeded the auction target of GHS 4.40 billion by GHS 856.69 million.

Auction Target GHS 4.400 billion

Total Bids GHS 5.257 billion
Total Accepted GHS 5.257 billion
Bid-to-Cover 1.0000x
Subscription Ratio 1.1947x

Money Market Term(s) of the Week

Risk-Free Rates (RFRs) - Secured Overnight Financing Rate (SOFR):
SOFR is a benchmark interest rate for dollar-denominated derivatives and
loans that replaced the London Interbank Offered Rate (LIBOR). SOFR took
the place of LIBOR in June 2023, offering fewer opportunities for market
manipulation and current rates rather than forward-looking rates and terms.
The SOFR is an influential interest rate banks use to price U.S. dollar-
denominated derivatives and loans. The daily SOFR is based on transactions
in the Treasury repurchase market, where investors offer banks overnight
loans backed by their bond assets.

ACI Ghana Money Market Committee Members:

Kofi Koduah-Sarpong | Ronald Mensah | Kojo Bedu-Addo | Nicholas Tawiah Page 1
 Money Market Update 10th June 2024
Repo Market Flows

ACI Ghana Money Market Committee Members:

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