GoG Treasury Papers News Report – Week 48 [December 1, 2025]

 

Security	Interest Rates
91 – Day Bill	11.0501%
182 – Day Bill	12.4302%
364 – Day Bill	13.0862%

 

Treasury bill rates were quite unresponsive to the recent monetary policy announcement, which saw the monetary policy committee for the second consecutive time lower the prime rate by a margin of three and a half percentage points to 18.0%, the lowest since the first quarter of 2022. The committee’s decision was widely influenced by improvements in the overall macroeconomic conditions. Thus, given the anticipated significant decline in inflation by the end of the year, the tight monetary policy stance, and the significant build-up of reserves, among others, the central bank expects a continued stable inflation profile around its medium-term target. Given the recent phenomenon where Treasury yields are not solely being determined by the path of inflation, but also by investors’ demand, yields are expected to continue to mount modest upward pressures going into the new year.

The 91-day bill lost by 9 basis points (bps) this week to trim portions of last week’s 11 bps gain. It moved down from 11.1353% posted last week to clear at 11.0501% this week.

The 182-day bill posted its first decline over the past seven weeks this week, edging down by 25 bps. It cleared at 12.4302% this week, down from 12.6805% posted last week.

The yield on the 364-day bill was the sole gainer this week, with a modest gain of 2 bps to recover from last week’s 2 bps loss. It rose from 13.0618% posted last week to clear at 13.0862% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1353%	11.0501%	-0.09	-0.77%	-60.80%
182 – Day	12.6805%	12.4302%	-0.25	-1.97%	-57.01%
364 – Day	13.0618%	13.0862%	0.02	0.19%	-56.60%

 

The auction results of Tender 1983 showed that the government returned to meeting its target, after having missed its targets for the past six weeks. The surge in interest for the government’s short-term papers came on the back of optimism that greeted the conclusion of the monetary policy meeting and its subsequent policy rate announcement. Consequently, the government’s target was oversubscribed by 110%.

A total of GHS 6,034.23 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,862.00 million. The government proceeded to take advantage of the high demand to accept more than its intent, taking 99.81%, 98.86%, and 87.41% of the total GHS 2,574.47 million, GHS 1,648.53 million, and GHS 1,811.23 million worth of bids tendered for its 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 5,805 million from 91-day, 182-day, and 364-day bills to meet GHS 5,649 million worth of maturing papers due next week.