19TH APRIL 2022

FIXED INCOME MARKET REPORT

TENDER #1794 TREASURY RATES YIELD (11th Apr. – 14th Apr. 2022)

FIXED INCOME MARKET HIGHLIGHTS

At last week’s auction, offers tendered were below Government’s target and
accepted bids were also below the tendered bids as GH¢711.51 million was
raised in 91-Day Bills, GH¢50.99 million in 182-Day Bills and GH¢14.09 million in
364-Day Bills as compared to GH¢578.35 million raised in 91-Day Bills, GH¢91.21
million raised in 182-Day Bills, GH¢77.96 million in 364-Day Bills and GH¢407.59
million in the 3-Year GOG-Bond Issuance at the previous auction. Yields
moved up again reflecting recent Inflationary pressures to settle at 16.33%,
16.32% and 18.85% for the 91-Day Bills, 182-Day Bills and 364-Day Bills
respectively.
The target for the next auction (Tender #1795) is GH¢1,932.00 million in 91-Day
Bills, 182-Day Bills and 364-Day Bills. RESULTS OF LAST WEEK’S TREASURY BILL AUCTION
91-Day Bills, 182-Day Bills and 364-Day Bills GOG Treasuries Current Previous Change
91-Day T-Bills 16.33% 15.74% 0.588%
BOG Offer 1,004.00 182-Day T-Bills 16.32% 15.93% 0.389%
364-Day T-Bills 18.85% 18.27% 0.578%
Tendered 787.59 BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK

Accepted 776.59 364-Day Bill

182-Day Bill
2%
6%
BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK
Treasuries Bids Tendered Bids Accepted
(GH¢ MN) (GH¢ MN)
91-Day T-Bill 721.51 711.51
182-Day T-Bill 50.99 50.99
364-Day T-Bills 15.09 14.09
91-Day Bill
TOTAL 787.59 776.59 92%
SUMMARY OF MARCH 2022 GFIM ACTIVITIES
GHANA FIXED INCOME MARKET NEXT AUCTION DETAILS
YEAR March 2022 March 2021 Change Treasuries Bids Tendered (GH¢ MN)
VOLUME 28,126,420,869 26,683,199,219 5.41%
Tender No. 1795
VALUE (GH¢) 28,735,498,951.86 27,822,811,260.92 3.28% Target Size GH¢1,932.00 million
NO. OF TRADES 46,912 24,004 95.43% Auction Date 22nd April, 2022
Source: Ghana Stock Exchange Settlement Date 25th April, 2022
KEY ECONOMIC INDICATORS Securities on offer 91-Day, 182-Day & 364-Day T-Bills
Indicator Current Previous
Monetary Policy Rate February 2022 17.00% 14.50% ANALYSTS
Real GDP Growth Q3 2021 6.60% 3.90%
Inflation March 2022 19.4% 15.7% Godwin Kojo Odoom: Senior Research Analyst
Reference rate April 2022 16.58% 14.18%
Obed Owusu Sackey: Analyst
Source: GSS, BOG, GBA

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