Treasury Rates [September 22, 2025]

Security	Interest Rates
91 – Day Bill	10.4575%
182 – Day Bill	12.3610%
364 – Day Bill	12.8825%

After two weeks of posting mixed results, the yields on the government’s short-term papers fell across the three tenors in consonance with the historic monetary policy rate cut handed down by Ghana’s central bank last week. The Monetary Policy Committee of the central bank, by a majority decision, voted to cut the prime rate by 3.5 percentage points to 21.5%, its lowest level since July 2022. According to the committee, the decision to cut the policy rate was informed by the current state of macroeconomic conditions, with inflation expected to drop to within the central bank’s medium-term inflation target band of 8.0% ± 2.0% by the close of the year. Expectations of slower inflation numbers, coupled with the recent decline in the monetary policy rate, are expected to exert further downward pressure on Treasury yields. This notwithstanding, investor reactions to the prolonged negative real returns are likely to keep any decline in rates in check.

The 91-day bill fell by 7 basis points (bps) to erase sections of the previous weeks’ gains, having climbed up by 11 bps last week. It fell from 10.5306% posted last week to clear at 10.4575% this week.

The 182-day bill posted its first decline in the past three weeks this week, coming in with a loss of 8 bps to surpass last week’s 3 bps gain. It dipped to 12.3610% this week, down from 12.4412% posted last week.

The 364-day bill stayed on its losing trajectory as it fell by 7 bps this week to build on last week’s 2 bps dip. It cleared at 12.8825% this week from 12.9574% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.5306%	10.4575%	-0.07	-0.69%	-62.90%
182 – Day	12.4412%	12.3610%	-0.08	-0.64%	-57.25%
364 – Day	12.9574%	12.8825%	-0.07	-0.58%	-57.27%

The auction results of Tender 1973 showed that demand for the government’s papers picked up this week, having slowed last week. Demand for the government’s paper in September has been choppy, with the government recording two oversubscriptions and two undersubscriptions. Demand this week came in excess of 14.14% over the government’s target amount.

A total of GHS 3,445.95 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,019.00 million. The government accepted 99.81%, 99.19%, and 98.75% of the total GHS 2,581.67 million, GHS 613.82 million, and GHS 250.46 million worth of bills tendered for its 91-day, 182-day, and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 5,581 million from 91-day, 182-day, and 364-day bills to meet GHS 4,818 million worth of maturing papers due next week.