Treasury Rates [April 14, 2025]

Security	Interest Rates
91 – Day Bill	15.4527%
182 – Day Bill	16.2149%
364 – Day Bill	18.6507%

Treasury yields maintained their relentless downward trajectory for the eleventh consecutive time this week as yields ticked lower, adding to the recent spat of decline in Treasury rates despite inflation remaining sticky downwards. The slow pace of decline in the inflation readings for 2025 prompted the central bank to re-adjust and adopt a tougher stance against consumer prices as the monetary policy committee hiked the prime rate by 1 percentage point, the first hike in nearly two years. Treasury yields, on the other hand, have seen a much slower pace of decline over the past month, giving an indication that yields may be reaching their trough before picking up again as pressures on consumer prices persist.

The 91-day bill sustained a bigger margin of loss this week at 20 basis points (bps) compared to last week’s 6 bps decline. It moved down from 15.6499% posted last week to clear at 15.4527% this week.

The 182-day bill posted the biggest decline this week, down by 29 bps to add to last week’s 23 bps dip. It cleared at 16.2149% this week, down from 16.5015% posted last week.

The yield on the 364-day bill after recording a tiny loss this week, down by a basis point, declined by 18 bps this week. It fell from 18.8303% posted last week to clear at 18.6507% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.6499%	15.4527%	-0.20	-1.26%	-45.18%
182 – Day	16.5015%	16.2149%	-0.29	-1.74%	-43.93%
364 – Day	18.8303%	18.6507%	-0.18	-0.95%	-38.14%

Auction results of tender 1950 revealed that after weeks of sluggish interest in the government’s short-term securities, demand picked up this week as investors expect rates to normalize in the near term. Consequently, the government’s target was oversubscribed by 2.81%.

A total of GHS 6,865.91 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,678.00 million. The government accepted all GHS 908.44 million and 157.94 million worth of bids tendered for its 182-day and 364-day bills, and accepted 97.90% of the total GHS 5,799.53 million worth of bids tendered for the 91-day bill.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 6,607.00 million from 91-day, 182-day, and 364-day bills to meet GHS 6,360 million worth of maturing papers due next week.