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Ghana’s Key T-Bill Yield to Fall on Inflation, Central Bank Says

The yield on Ghana’s benchmark 91-day Treasury bill, which is the lowest in 2 1/2 years, may decline further during the fourth quarter as slowing inflation prompts investor demand, a Bank of Ghana official said.

Ghanaian investors were demanding higher yields on the securities when accelerating inflation eroded the value of their investments, said Francis Andoh, head of treasury at the Accra- based central bank.

“With slowing inflation, you do not foresee any pressure on the rates going up,” he said in an interview in the capital Oct. 1.

The average yield on Ghana’s 91-day notes fell to 12.4 percent at its most recent auction Oct. 1, the lowest since April 2008, when it was 11.4 percent. Inflation has slowed for 14 consecutive months, to 9.4 percent in August, from a five-year high of 20.7 percent reached in June 2009, according to the Ghana Statistical Service said.

Price inflation may continue to slow into next year, central bank Governor Kwesi Amissah-Arthur said at a Monetary Policy Committee meeting on Sept. 24.

The bank maintained its key policy rate at 13.5 percent at the meeting, after lowering it four consecutive times from 18.5 percent in November.

The bank’s decision to maintain the rate it lends money to banks shows the country’s economy is “stabilizing and not getting bad,” said Collins Appiah, head of research at Accra-based Gold Coast Securities Ltd.

The yield on the 91-day bill is likely to decline further to around 12 percent by the end of the year, he said in a phone interview yesterday.

To contact reporter on this story: Moses Mozart Dzawu in Accra at +233-0302-258-797 or

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