In the year, merchandise exports declined by 4.9 percent to US$16.6 billion. Gold exports increased by 15.0 percent to US$7.6 billion benefiting from both volume and price increases. Cocoa beans exports fell marginally by 1.1 percent to US$1.3 billion on the back of lower volumes and price.
Yields on short-term Treasuries can behave differently from yields on longer-term Treasuries. At home there is gradual recovery in economic activity, though growth remains below potential. Nonoil GDP growth moderated to 2.1 percent from 3.3 percent over the same comparative period. The country’s external buffers have increased, providing support for exchange rate stability. Improved forex inflows from the IMF-ECF disbursements, receipt of the cocoa syndicated loan, and expected funding from the World Bank’s Development Policy Operations are expected to improve foreign exchange inflows. In addition, the gold for reserve programme of the Bank, repatriation of foreign exchange from the mining and oil companies, reduction in debt service payments would further support reserve build-up and improve the external sector outlook.
Central Bank of Kenya
- Cocoa beans exports fell marginally by 1.1 percent to US$1.3 billion on the back of lower volumes and price.
- Overall, the Committee noted that global growth had remained relatively subdued in 2023, while the ease in global inflation had triggered a pause in monetary policy tightening across key economies.
- Other exports, including non-traditional exports, also decreased slightly by 1.9 percent to an estimated value of US$3.1 billion.
- The global outlook remains uncertain with geopolitical tensions and its potential spillovers to the commodities markets acting as a major risk factor to most economies.
- On the domestic economy, there are clear indications that the current macroeconomic framework being implemented with the support of the IMF ECF programme is yielding positive results.
Base money growth slowed down significantly in the course of 2023 and was supportive of the disinflation process. Growth in reserve money defined to include currency outside banks and commercial banks reserves, slowed down significantly to 29.2 percent by end December 2023 relative to a growth rate of 57.5 percent observed in December 2022. The sharp slowdown was driven in large parts by strong sterilization efforts and effective liquidity management operations.
How does Treasury bill work at GCB?
By increasing the supply of key food items such as grains, vegetables, and poultry, authorities aim 91-day t-bill rate to balance demand and stabilize prices. Treasury Bills are short-term debt instruments issued by governments to raise funds. In Ghana, T-bills are issued by the Government of Ghana through the Bank of Ghana, with tenors of 91 days, 182 days, and 364 days.
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When you purchase a treasury bill, you will be reimbursed your principal plus interest at maturity. “The average lending rates of banks eased marginally to 33.75 per cent in December 2023 from 35.58 per cent a year earlier”, Dr Addison noted. He reported that the interbank weighted average rate “remained well-aligned within the policy corridor by the end of 2023”. Yields averaged 5.735 percent for the 182-day T-bills, 6.1 basis points below the secondary rate and down from last week’s 5.752 percent. Our Platform offers the most reliable macroeconomic data and advanced analytical tools. While the measures outlined in the 2025 budget may temper economic growth in the short term, Mr. Martey believes the measures will ultimately create the foundation for sustained recovery.
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- The sharp slowdown was driven in large parts by strong sterilization efforts and effective liquidity management operations.
- By using the formulas and examples provided in this guide, you can easily determine your potential returns and decide whether T-bills align with your financial goals.
- One of the key aspects of T-bills that attract investors is the transparency in how interest rates are calculated and how returns are determined.
- Global inflationary pressures have eased substantially largely supported by the decline in energy and food prices.
- While the measures outlined in the 2025 budget may temper economic growth in the short term, Mr. Martey believes the measures will ultimately create the foundation for sustained recovery.
Longer-term inflation expectations, remain anchored, reflecting the tightened policy stance of central banks and recent declines in headline inflation. In the outlook, the expectation is for continued gradual disinflation as the effects of maintenance of tighter monetary policy stance passes through to core inflation. With a tight monetary policy stance and increased risk aversion of banks due to rising credit risks, private sector credit expansion broadly remained sluggish in the year. In December 2023, the pace of growth in private sector credit slowed to 10.7 percent, compared with 31.8 percent annual growth in December 2022.
For Emerging Market and Developing Economies (EMDEs), growth was supported mainly by the rebound in China where policy support and resurgence in consumer spending offset weakness in the property sector. The overall growth outturn for 2023 is expected to remain subdued, weighed down by the lingering weakness in the manufacturing sector alongside effects of the still tight monetary policies, and weak external demand. Given these developments, global growth is projected to end 2023 at 3.0 percent and slow marginally to 2.9 percent in 2024. The volatilities that characterized the foreign exchange market in January 2023 dissipated and the Ghana cedi remained relatively stable throughout the rest of the year.
Treasury Bill Interest Rate Calculations in Ghana 2025
Food inflation decelerated sharply to 28.7 percent in December 2023 from 59.7 percent in December 2022, while non-food inflation also fell to 18.7 percent from 49.9 percent over the same comparative period. Global economic activity was mixed in 2023, improving in the first half year but moderated in the second half. The mixed performance, on one hand reflected strong growth in the United States amid solid domestic demand and resilient labour markets despite tighter financing conditions. On the other hand, a contraction in Japan, the Euro Area, and the United Kingdom was observed.
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Please note that calculators are provided to serve as guides for investors, but all final pricing is determined by the Central Bank.
The industry’s balance sheet was generally strong, underscored by increased assets in December 2023, funded largely by deposits. The Non-Performing Loan ratio, however, increased in 2023, because of general repayment challenges on the part of borrowers, reflecting the impact of general macroeconomic challenges encountered in 2022. The latest stress tests indicates that the sector remains stable on the back of the on-going recapitalisation process by shareholders alongside support from the Ghana Financial Stability Fund.
Generally, treasury bills are short-term investment products issued on behalf of the government by the Bank of Ghana. The Government issues treasury bills at a discount from par at zero coupon rate for maturities of less than 1 year, usually 91 days or 182 days or 364 days. The Committee noted the emerging recovery but sees the need to maintain a strong policy stance to consolidate the disinflation gains. Under these circumstances, the Committee decided to reduce the Monetary Policy Rate by 100 basis points to 29 percent.