Ghana’s 91-day bill yield dips to 13.31%

The bank said it had accepted all 178.97 million cedis ($39.74 mln) worth of bids tendered for the paper, which will be issued on Tuesday.

According to the central bank of Ghana its weekly 91-day bill eased to 13.32 percent at an auction on Friday, compared with 13.35 percent at the last sale on April 27.

Ghana’s treasury bill yields have steadied at around 13 percent since August after falling from 23 percent a year earlier as the government embarked on debt refinancing under $918 million IMF-sponsored fiscal consolidation programme.

A treasury bill is a short-term investment product (from 91 days to 365 days) offered by the Bank of Ghana on behalf of the Government. Treasury bills are backed by the credit of the Government.

Purchasing a treasury bill is lending money to the Government.


Upon maturity, the government will repay the amount it borrowed plus the determined interest rate given at the time it borrowed (or the time you bought the Treasury bill). The interest rate payable depends on how long you lent your money for.

The good and interesting thing about lending to the Government through the purchase of treasury bills is that you may collect your interest upfront on the day you purchase the treasury bills. The money given you upfront is referred to as the discount value. The discount value is always slightly lower than the interest value that would have been paid on maturity date.

There are three things that you may do when you lend the money and wait till maturity date:

Find details of Ghana's treasury bill rates here


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