12TH JULY 2022

FIXED INCOME MARKET REPORT

TENDER #1806 TREASURY RATES YIELD (4th July – 8th July 2022)
FIXED INCOME MARKET HIGHLIGHTS
Government’s decision to seek IMF bailout begins to restore
investor confidence as bids made at last week’s auction was
oversubscribed by GH¢393.84 million. Offers tendered were
above Government’s target. However, accepted bids were
marginally below tendered bids as GH¢1,001.33 million was raised
in 91-Day Bills, GH¢214.05 million in 182-Day Bills and GH¢106.46
million in 364-Day Bills as compared to GH¢597.76 million raised in
91-Day Bills and GH¢229.77 million in 182-Day Bills at the previous
auction.
Yields for the 91-Day Bills and 364-Day Bills marginally moved up to
settle at 25.89% and 27.49% respectively whiles the 182-Day Bills
declined to settle at 26.55%.
The target for the next auction (Tender #1807) is GH¢932.00 RESULTS OF LAST WEEK’S TREASURY BILL AUCTION
million in 91-Day Bills and 182-Day Bills. GOG Treasuries Current Previous Change
91-Day T-Bills 25.89% 25.88% 0.01%
91-Day Bills, 182-Day Bills and 364-Day Bills 182-Day T-Bills 26.55% 26.57% -0.20%
364-Day T-Bills 27.49% 27.43% 0.06%
BOG Offer 928.00
BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK
Tendered 1,328.73 364-Day
Bill
Accepted 1,321.84 8%

BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK

Treasuries Bids Tendered Bids Accepted
(GH¢ MN) (GH¢ MN) 182-Day
91-Day T-Bill 1,007.62 1,001.33 Bill
182-Day T-Bill 214.05 214.05 16%
364-Day T-Bill 107.06 106.46 91-Day Bill
TOTAL 76%
1,328.73 1,321.84 SSS
SUMMARY OF JUNE 2022 GFIM ACTIVITIES
GHANA FIXED INCOME MARKET NEXT AUCTION DETAILS
YEAR June 2022 June 2021 Change
Treasuries Bids Tendered (GH¢ MN)
VOLUME 24,924,071,691 18,163,019,415 37.22%
Tender No. 1807
VALUE (GH¢) 24,110,648,890.13 19,287,110,114.77 25.00% Target Size GH¢932.00 million
NO. OF TRADES 45,179 22,750 98.58% Auction Date 15th July, 2022
Source: Ghana Stock Exchange
KEY ECONOMIC INDICATORS Settlement Date 18th July, 2022
Indicator Current Previous Securities on offer 91-Day & 182-Day T-Bills
Monetary Policy Rate May 2022 19.00% 17.00% ANALYSTS
Real GDP Growth December 2021 5.40% 0.40%
Inflation May 2022 27.6% 23.6% Godwin Kojo Odoom: Senior Research Analyst
Reference rate June 2022 20.80% 19.18%
Obed Owusu Sackey: Analyst
Source: GSS, BOG, GBA
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