Treasury Rates [July 28, 2025]

Security	Interest Rates
91 – Day Bill	10.8387%
182 – Day Bill	13.2279%
364 – Day Bill	14.3050%

The yields on the government’s short-term assets sunk to multi-year lows this week, with yields seen to have lost at least 50.0% of their values at the start of the year across the three tenors. This week’s Treasury performance comes ahead of the announcement of the monetary policy rate, where the market will be bracing itself for the first rate cut in the year as all the relevant macroeconomic indicators supports the call for a monetary policy easing. This week’s Treasury performance also comes after the presentation of the 2025 mid-year budget review to Ghana’s parliament, where the government did not make any substantial revision to its macroeconomic targets and the appropriations for the year, signaling that the government’s borrowing from the domestic market will be kept at moderate levels in the second half of the year.

The yield on the 91-day bill sustained the biggest decline this week, down by 289 basis points (bps), compared to last week’s 93 bps slip. It cleared at 10.8387% this week, down from 13.7276% posted last week.

After posting a modest loss of 41 bps last week, the 182-day bill fell further this week by 139 bps. It plummeted to 13.2279% this week from 14.6164% posted last week.

The 364-day bill similarly saw a decline, down by 151 bps to add to last week’s 68 bps dip. It plunged to 13.2279% this week, down from 14.7393% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	13.7276%	10.8387%	-2.89	-21.04%	-61.55%
182 – Day	14.6164%	13.2279%	-1.39	-9.50%	-54.26%
364 – Day	14.7393%	13.2279%	-1.51	-10.25%	-56.13%

Auction results of tender 1965 showed an overwhelming interest in the government’s short-term assets for the second consecutive time, despite the recent steep decline in yields. Accordingly, the government met its target with an oversubscription rate in excess of 264.0%.

A total of GHS 28,096.59 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,701.00 million. The government, however, accepted 37.80%, 65.64%, and 73.36% of the total GHS 13,771.67 million, GHS 8,719.53 million, and GHS 5,941.51 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 3,862 million from 91-day, 182-day, and 364-day bills to meet GHS 6,136 million worth of maturing papers due next week.