Treasury Rates [June 2, 2025]

Security	Interest Rates
91 – Day Bill	14.7949%
182 – Day Bill	15.4855%
364 – Day Bill	15.9128%

Ahead of the announcement of consumer price statistics for the month of May later in the week where the market will be bracing itself for a further drop in the inflation rate following the Cedi’s elaborate rally and a sustained drop in the prices of fuel, Treasury bill rates continued their downward trajectory albeit at a much slower pace compared to the sharp fall witnessed between January and March. Treasury yields are expected to show moderate declines in the medium term as inflation remains sticky downwards and as investors seek to diversify to improve their returns.

The 91-day bill posted the biggest drop this week, down by 13 basis points (bps), having dropped by 18 bps last week. It cleared at 14.7949% this week, down from 14.9287% last week.

The 182-day bill went down by 7 bps this week to send its year-to-date depreciation to 46.45%. It moved down from 15.5515% posted last week to clear at 15.4855% this week.

The yield on the 364-day bill, after posting a sharp decline at 79 bps last week, came in with a much calmer drop this week at 9 bps. It fell to 15.9128% this week from 16.0012% recorded last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.9287%	14.7949%	-0.13	-0.90%	-47.52%
182 – Day	15.5515%	15.4855%	-0.07	-0.42%	-46.45%
364 – Day	16.0012%	15.9128%	-0.09	-0.55%	-47.22%

Auction results of tender 1957 showed that the government failed to hold onto last week’s oversubscription as investors sat on the fence at last Friday’s Treasury auction, on growing concerns of the deepening magnitude of the negative real returns. Accordingly, the government’s target amount was undersubscribed by 9.06%.

A total of GHS 3,537.55 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,890.00 million. The government accepted all GHS 2,697.32 million, GHS 554.06 million, and GHS 286.17 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 6,669.00 million from 91-day, 182-day, and 364-day bills to meet GHS 6,431 million worth of maturing papers due next week.