06TH JUNE 2022

FIXED INCOME MARKET REPORT

TENDER #1801 TREASURY RATES YIELD (30th May – 3rd June 2022)
FIXED INCOME MARKET HIGHLIGHTS
After months of under-subscriptions, Government achieved its Treasury bills
auctioning target as offers tendered was a little above target. However,
accepted bids were marginally below tendered bids as GH¢1,222.69 million
was raised in 91-Day Bills and GH¢171.01 million in the 182-Day Bills as compared
to GH¢877.50 million raised in 91-Day Bills, GH¢145.49 million in 182-Day Bills
and GH¢101.51 in 364-Day Bills at the previous auction.
Yields continued to climb up, reflecting current Inflationary pressures to settle
at 22.57% and 24.41% for the 91-Day Bills and 182-Day Bills respectively. As
inflation keeps rising, we are optimistic about regular oversubscription of
Treasury bills sale going forward. The Central Bank cannot release liquidity on
the market in the near term as further liquidity on the market will only push
inflation further up.
RESULTS OF LAST WEEK’S TREASURY BILL AUCTION
The target for the next auction (Tender #1802) is GH¢1,412.00 million in 91-Day GOG Treasuries Current Previous Change
Bills, 182-Day Bills and 364-Day Bills. 91-Day T-Bills 22.57% 19.94% 2.63%
182-Day T-Bills 24.41% 22.95% 1.46%
91-Day Bills, 182-Day Bills and 3-Year FXR Bond
BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK
BOG Offer 1,282.00
182-Day Bill
Tendered 1,395.65 12%
Accepted 1,393.70
BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK
Treasuries Bids Tendered Bids Accepted
(GH¢ MN) (GH¢ MN)
91-Day T-Bill 1,222.69 1,222.69
182-Day T-Bill 172.96 171.01 91-Day Bill
TOTAL 1,395.65 1,393.70 88%
SUMMARY OF APRIL 2022 GFIM ACTIVITIES
GHANA FIXED INCOME MARKET NEXT AUCTION DETAILS
YEAR April 2022 April 2021 Change
Treasuries Bids Tendered (GH¢ MN)
VOLUME 17,831,095,227 15,900,196,905 12.14%
Tender No. 1802
VALUE (GH¢) 18,008,879,340.23 16,622,420,153.93 8.34%
Target Size GH¢1,412.00 million
NO. OF TRADES 56,476 20,856 170.00%
Auction Date 10th June, 2022
Source: Ghana Stock Exchange
KEY ECONOMIC INDICATORS Settlement Date 13th June, 2022
Indicator Current Previous Securities on offer 91-Day, 182-Day T-Bills & 364-Day T-Bills
Monetary Policy Rate May 2022 19.00% 17.00% ANALYSTS
Real GDP Growth December 2021 5.40% 0.40%
Inflation April 2022 23.6% 19.4% 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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