Treasury Rates [May 19, 2025]

Security	Interest Rates
91 – Day Bill	15.1087%
182 – Day Bill	15.6810%
364 – Day Bill	16.7872%

Treasury bill rates cleared lower this week, adding to the recent streak of downward performances, with yields sustaining their sixteenth consecutive weekly decline this week on the back of a conscious effort by the government to lower its borrowing cost and as optimism greeted the ascendancy of the new government. The drop in Treasury yields has also been supported by the ongoing disinflationary path, with the inflation rate consistently on a declining path, albeit at a much slower pace. The rates on the government’s short-term papers are expected to continue to trend lower in the near term and show stability in the medium term.

The yield on the 91-day bill fell by 5 basis points (bps) this week to build on last week’s 7 bps dip. It cleared at 15.1087% this week, down from 15.1610% posted last week.

The 182-day bill posted a modest decline this week, down by 2 bps to add to last week’s 7 bps drop. It moved down from 15.7049% posted last week to clear at 15.6810% this week.

The 364-day bill posted a tiny dip this week, down by a basis point after registering a bigger margin of decrease last week. It fell from 16.8018% posted last week to clear at 16.7872% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.1610%	15.1087%	-0.05	-0.34%	-46.40%
182 – Day	15.7049%	15.6810%	-0.02	-0.15%	-45.77%
364 – Day	16.8018%	16.7872%	-0.01	-0.09%	-44.32%

Auction results of tender 1955 showed that the government failed to realize its target amount for the third consecutive time this week, as investors sat on the fence, as real returns continue to remain negative. The government was thus able to realize 80.0% of its target.

A total of GHS 5,353.15 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,684.00 million. The government accepted 48.00%, 70.28%, and 59.38% of the total GHS 4,361.07 million, GHS 731.20 million, and GHS 260.88 million worth of bids tendered for the 91-day bill, the 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 5,549.00 million from 91-day, 182-day, and 364-day bills to meet GHS 5,346 million worth of maturing papers due next week.