Treasury Rates [January 27, 2025]

Security	Interest Rates
91 – Day Bill	28.5153%
182 – Day Bill	29.0664%
364 – Day Bill	30.4078%

Ahead of the announcement of the monetary policy rate where the market will be bracing itself for another monetary policy stay on the back of growing concern for the central bank to act cautiously in attempting to achieve price stabilization, Treasury yields climbed higher yet again this week to register its third successive increase in 2025. Despite the policy rate remaining high in 2024, its affects have not significantly impacted consumer prices as the inflation rate continue to see a rise. Expectations of higher inflation numbers is anticipated to further mount upward pressures on the yields on the government’s short-term papers in the near term.

The yield on the 91-day bill rose by 10 basis points (bps) this week to add onto last week’s 8 bps gain. It rose from 28.4173% posted last week to clear at 28.5153% this week.

After recording a tiny gain last week, the 182-day bill rose by a bigger margin this week with a jump of 10 bps. It rose to 29.0664% this week from 28.9713% posted last week.

The 364-day bill continued its steady increase this week, climbing up by 12 bps to push its accumulated gains in 2025 to 0.34 percentage points. It rose to 30.4078% this week, up from 30.2867% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	28.4173%	28.5153%	0.10	0.34%	1.15%
182 – Day	28.9713%	29.0664%	0.10	0.33%	0.52%
364 – Day	30.2867%	30.4078%	0.12	0.40%	0.85%

Treasury results of tender 1939 showed a sustained and rising interest in the government’s short assets as real returns improves. The government’s target amount was subsequently oversubscribed by 47.6%.

A total of GHS 8,855.02 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,001.00 million. The government accepted 89.8%, 99.9%, and 91.3% of the total GHS 4,986.00 million, GHS 1,758.26 million, and GHS 2,110.76 million worth of bids tendered for the 91-day, 182-day and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 6,527.00 million from 91-day, 182-day, and 364-day bills to meet GHS 5,900 million worth of maturing papers due next week as well to create buffers for the upcoming interest payments on Domestic Debt Exchange Programme bonds due next month.