Treasury Rates [July 21, 2025]

Security	Interest Rates
91 – Day Bill	13.7276%
182 – Day Bill	14.6164%
364 – Day Bill	14.7393%

Treasury bill rates resumed their downward trajectory this week after a brief reprieve last week as yields climbed up for the very first time in nearly six months. The slump in this week’s Treasury performance comes on the back of investors renewing their confidence in the economy after an emergency monetary policy committee meeting held last Friday widely signaled major improvements in the Ghanaian economy. The committee noted that the disinflation momentum had strengthened with headline inflation falling steadily for six consecutive months to 13.7% in June, down from 23.8% at the close of last year. The committee further observed improvements in the following areas: real sector performance, external sector, gross international reserves, and the strengthening of the local currency.

The 91-day bill sustained the biggest decline this week, down by 93 basis points (bps) to widen its year-to-date losses to 51.30% this week. It fell from 14.6596% posted last week to clear at 13.7276% this week.

The yield on the 182-day bill, after posting a marginal dip last week, plunged by 41 bps this week. It cleared at 14.6164% this week, down from 15.0289% posted last week.

The 364-day bill, having edged up 25 bps last week, failed to hold onto its gains, declining by 68 bps this week. It slowed down to clear at 14.7393% this week from 15.4192% recorded last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.6596%	13.7276%	-0.93	-6.36%	-51.30%
182 – Day	15.0289%	14.6164%	-0.41	-2.74%	-49.45%
364 – Day	15.4192%	14.7393%	-0.68	-4.41%	-51.12%

Auction results of tender 1964 revealed that investors swarmed the government’s short-term papers this week despite growing expectations that the consumer price index will further improve in the months ahead. The government, after a series of undersubscriptions, achieved its target this week with a 285.93% oversubscription rate.

A total of GHS 20,979.05 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,436.00 million. The government, however, accepted 41.02%, 70.80%, and 67.19% of the total GHS 13,771.67 million, GHS 4,223.05 million, and GHS 2,984.33 million worth of bills 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 7,701 million from 91-day, 182-day, and 364-day bills to meet GHS 7,445 million worth of maturing papers due next week.