Treasury Rates [April 21, 2025]

Security	Interest Rates
91 – Day Bill	15.4522%
182 – Day Bill	16.1836%
364 – Day Bill	18.6206%

Treasury bill rates edged lower this week, building on their recent and sustained downward trajectory, albeit at a much slower pace after Treasury yields recorded steep declines in February as strong investor participation, coupled with a strong will by the government to slash its interest burden, pushed down rates. Treasury yields have, however, over the past five weeks seen a slowdown in their sharp fall as investors and market watchers express concern about the dwindling real returns on investments. Accordingly, demand for Treasury papers has undergone a mixed reaction in March and April.

The yield on the 91-day bill held steady this week, registering a marginal loss after sustaining 20 basis points (bps) loss last week. It fell from 15.4527% posted last week to clear at 15.4522% this week.

The 182-day bill posted a modest loss this week, down by 3 bps after recording a dip of 29 bps last week. It fell from 16.2149% posted last week to clear at 16.1836% this week.

The 364-day bill similarly posted a modest loss, down by 3 bps, adding onto last week’s 18 bps loss. It moved to 18.6206% this week, down from 18.6507% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.4527%	15.4522%	0.00	0.00%	-45.19%
182 – Day	16.2149%	16.1836%	-0.03	-0.19%	-44.03%
364 – Day	18.6507%	18.6206%	-0.03	-0.16%	-38.24%

Auction results of tender 1951 showed that after briefly recovering from a raft of undersubscriptions, the government this week failed to maintain the strong investor interest observed last week as yields again failed to beat expectations. Accordingly, the government’s target was undersubscribed by 2.45%.

A total of GHS 6,444.92 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,607.00 million. The government accepted 72.65%, 69.67%, and 67.46% of the total GHS 5,058.76 million, GHS 905.07 million, and GHS 481.09 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 6,145.00 million from 91-day, 182-day, and 364-day bills to meet GHS 5,685 million worth of maturing papers due next week.