Treasury Rates [March 24, 2025]

Security	Interest Rates
91 – Day Bill	15.7353%
182 – Day Bill	16.9265%
364 – Day Bill	18.8496%

Treasury bill rates ticked lower this week, albeit at a much slower pace compared to the steep decline observed over the past few weeks. This phenomenon coupled with the sluggish demand for the government’s short-term assets is an indication of the market getting jittery over concerns of deepening negative real returns as inflation continues to hover above 20.0%. Treasury rates are expected to remain calm in the near term as the market slowly adjusts to the steep decline in yields. The monetary policy committee’s decision due later in the week will give a further hint of the outlook on interest rates.

The 91-day bill widened its year-to-date losses further down to 44.18% as it declined by 13 basis points (bps) this week. It moved down from 15.8624% posted last week to clear at 15.7353% posted last week.

The yield on the 182-day bill was little changed this week as it recorded a marginal decline from 16.9287% last week to clear at 16.9265% this week.

The 182-day bill after suffering a 102-bps loss last week, failed to post a recovery as it tumbled by 12 bps this week. It fell to 18.8496% this week from 18.9653% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.8624%	15.7353%	-0.13	-0.80%	-44.18%
182 – Day	16.9287%	16.9265%	0.00	-0.01%	-41.47%
364 – Day	18.9653%	18.8496%	-0.12	-0.61%	-37.48%

Auction results of tender 1947 showed that after months of investors’ strong demand for the government’s short-term securities, demand fell this week for the first time in 2025 as the market voiced out their concerns about the fast decline in yields at a time when inflation remains sticky downwards. The government subsequently could only achieve 81.33% of its target.

A total of GHS 4,995.27 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,142.00 million. The government accepted 66.06%, 77.49%, and 65.28% of the GHS 3,631.82 million, GHS 741.38 million, and GHS 622.07 million worth of bids tendered for the 91-day, 182-day, and 364-day bills respectively.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 5,644.00 million from 91-day, 182-day, and 364-day bills to meet GHS 4,807 million worth of maturing papers due next week.