Sentiments in the Ghanaian money markets has begun to stabilise, as demonstrated by the level out of the- exchange rate.After declining 15 per cent in the space of two months and touching GH¢1.16/$1, the currency has been broadly stable for the past six weeks.Parliamentary approval of the Ghana Telecom sale to Vodafone was the first major piece of good news, helped along by a slight decline in consumer inflation.More recently, traders have been encouraged by the substantial decline in crude oil prices over the last several weeks.Nevertheless interest rates remain high, as a signal that a significant risk premium is required for investors to retain their interest.For example, at the latest weekly auctions, the 91 days T-bill yield averaged 24:71 percent and the 182-day 26.28 per cent. Longer tenures sloped off materially- rates of 20 per cent and 21 per cent, respectively, prevailed in the one and two-year auctions - but total sales for these tenures were an immaterial GH¢ 3million.Separately, foreign investors remain nervous about sovereign risk as the presidential election campaign moves into full swing.At a price of 98, the outstanding eurobond is at the lowest level since issuance a year ago and the spread has reach 575 bpts.Analysts believe this to be an attractive entry level for long term dollar-based investors, although there will be some mark-to-market risk as the December 7, elections approaches.-GB