Interest rates remained relatively same for the third week running, despite the surge in inflation.
The rate of inflation went up to 29.8% in June, the highest since 2003, a situation many thought will have push interest rates up further, but that wasn’t the case.
According to the results of the weekly Treasury bills, the interest rate on the 91-day Treasury bills stood at 25.95%, compared with 25.89% recorded a week ago.
That of the 182-day T-bills was 27.46%, a little higher than the 26.54%, registered the previous week.
This signifies that liquidity has improved drastically on the money market, as a result of the International Monetary Fund announcement that it will help support managers of the Ghanaian economy to strengthen its weak economic fundamentals.
According to the auctioning results by the Bank of Ghana, government recorded ¢1.150 billion from the sale of the weekly Treasury bills, an oversubscription of 23.48%.
It accepted ¢1.088 billion from the bids tendered in.
The target for the sale of the short term securities was ¢932 million.
However, chunk of the amount came from the 91-day T-bills whereby ¢940.17 million was secured. ¢210.72 was mobilized from the 182-day T-bills
Meanwhile, all eyes will be on the Monetary Policy of the Bank of Ghana when it begins its quarterly meeting from tomorrow, June 20th, 2022.
It’s unclear whether the MPC will adjust the Policy Rate upwards or keep the rate same from May 2022 19%, despite the increase in inflation
Securities | Bids Tendered (GH¢) | Bids Accepted (GH¢) | Interest rate |
91 Day Bill | 940.17 million | 886.24 million | 25.95% |
182 Day Bill | 210.72 million | 202.25 million | 27.46% |
Total | 1.150 billion | 1.088 billion | |
Target | 928 million |
Latest Stories
-
Gold Fields Ghana Foundation challenges graduates to maximize benefits of community apprenticeship programme
37 mins -
GBC accuses Deputy Information Minister Sylvester Tetteh of demolishing its bungalow illegally
49 mins -
Boost for education as government commissions 80 projects
60 mins -
NAPO commissions library to honour Atta-Mills’ memory
1 hour -
OmniBSIC Bank champions health and wellness with thriving community walk
1 hour -
Kora Wearables unveils Neo: The Ultimate Smartwatch for Ghana’s tech-savvy and health-conscious users
1 hour -
NDC supports Dampare’s ‘no guns at polling stations’ directive
1 hour -
Police officer interdicted after video of assault goes viral
2 hours -
KNUST’s Prof. Reginald Annan named first African recipient of World Cancer Research Fund
2 hours -
George Twum-Barimah-Adu pledges inclusive cabinet with Minority and Majority leaders
2 hours -
Labourer jailed 5 years for inflicting cutlass wounds on businessman
2 hours -
Parliament urged to fast-track passage of Road Traffic Amendment Bill
2 hours -
Mr Daniel Kofi Asante aka Electrician
2 hours -
Minerals Commission, Solidaridad unveils forum to tackle child labour in mining sector
3 hours -
Election 2024: Engagement with security services productive – NDC
3 hours