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Decline in inflation drives interest rates downward in Ghana

December 19, 2023
Decline in inflation drives interest rates downward in Ghana: Ghana News
Photo: TechCabal

In a significant reversal, interest rates in Ghana have resumed their downward trajectory following two consecutive weeks of increase.

This decline, noted as one of the most substantial in recent times, correlates with a marked drop in inflation, hitting 26.4% in November 2023.

The 's auction results reveal noteworthy adjustments across the yield curve. Specifically, the rate on the 91-day Treasury bill experienced a decrease from 29.58% to 29.04%, while the 182-day bill saw a decline to 31.96% from 31.13%. Moreover, the one-year bill plummeted by 96 basis points, settling at 32.49%.

The government, through the Treasury bill auction, successfully secured approximately ¢4.726 billion, with an 18% oversubscription. However, it accepted ¢4.723 billion in total.

The 91-day bill emerged as the most subscribed, with ¢3.150 billion, representing 66.6% of the total bids, and all bids were accepted.

The 364-day bill received ¢794.44 million in tenders, of which ¢791.75 million were accepted. The 182-day bill attracted a subscription of ¢782.05 million.

SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)
91 Day Bill3.150 billion3.150 billion
182 Day Bill         782.05 million782.05 million
364 Day Bill794.44 million791.75 million
   
Total4.726 billion4.723 billion
Target3.984 
   

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