Treasury Rates [March 31, 2025]

Security	Interest Rates
91 – Day Bill	15.7108%
182 – Day Bill	16.7330%
364 – Day Bill	18.8449%

Treasury bill rates continued their questionable downward trend this week, despite the central bank’s Monetary Policy Committee (MPC) decision to tighten the policy rate after months of holding it steady as the committee carefully assessed the sticky nature of the inflation trajectory. The MPC, by a majority decision last Friday, announced a 1 percentage point hike to the policy rate to 28.0% in a move to re-anchor the disinflation path. This notwithstanding, the yields on the government’s short-term papers ticked lower at last Friday’s auction to further deepen the pace of the worsening negative real returns.

The yield on the 91-day bill recorded a marginal decrease, dropping down by 2 basis points (bps) to build on last week’s 13 bps loss. It cleared at 15.7108% this week, down from 15.7353% posted last week.

The 182-day bill sustained the biggest decline this week, down by 19 bps after it barely recorded a decline last week. It moved down to 16.7330% this week from 16.9265% posted last week.

The 364-day bill, after registering a 12-bps dip last week, was little changed this week. It fell from 18.8496% posted last week to clear at 18.8449% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.7353%	15.7108%	-0.02	-0.16%	-44.27%
182 – Day	16.9265%	16.7330%	-0.19	-1.14%	-42.13%
364 – Day	18.8496%	18.8449%	0.00	-0.02%	-37.50%

Auction results of tender 1948 revealed that the government suffered its second consecutive undersubscription this week as investors grew jittery over the sharp decline in rates, as inflation remains relatively higher.  The government’s target was thus undersubscribed by 83.43%.

A total of GHS 4,708.80 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,644.00 million. The government accepted all GHS 582.87 million worth of bids tendered for its 182-day bill and accepted 86.41% and 80.80% of the GHS 3,506.46 million and GHS 619.47 million worth of bids tendered for the 91-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 4,391.00 million from 91-day, 182-day, and 364-day bills to meet GHS 4,225 million worth of maturing papers due next week.