GoG Treasury Papers News Report – Week 50 [December 15, 2025]

Security	Interest Rates
91 – Day Bill	11.1108%
182 – Day Bill	12.5421%
364 – Day Bill	12.9704 %

Treasury bill rates came in mixed this week, being battered by a slowdown in demand by investors and the significant crash in 2025 inflation readings. The latest inflation print released earlier this month showed that the consumer price index continued to post minimal increases, thus exerting a downward pressure on inflation numbers, with November’s inflation rate slowing down to its lowest since price rebasing in 2021. The sustained drop in inflation, combined with expectations of lower inflation numbers, has exacerbated the sharp drop in Treasury rates for most parts of the year. On the other hand, weakening demand as investors divert from the government’s papers in search of higher-yielding investment vehicles has seemingly trimmed down the fast pace of decline in Treasury yields. The yields on the government’s short-term papers are expected to trend at their current levels going into the new year.

The yield on the 91-day bill edged up by the same margin of increase observed last week, climbing by 3 basis points (bps) this week. It rose from 11.0826% posted last week to clear at 11.1108% this week.

The 182-day bill failed to build on last week’s impressive gain of 12 bps, as it cleared lower this week by 1 basis point. It moved down from 12.5527% registered last week to clear at 12.5421% this week.

The 364-day bill recorded its biggest weekly increase since mid-August this week, coming in with an increase of 27 bps to recover sections of last week’s 39 bps drop. It moved up from 12.7009% posted last week to clear at 12.9704% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.0826%	11.1108%	0.03	0.25%	-60.59%
182 – Day	12.5527%	12.5421%	-0.01	-0.08%	-56.63%
364 – Day	12.7009%	12.9704%	0.27	2.12%	-56.98%

The auction results of Tender 1985 showed that investors renewed their confidence in the government for the third consecutive time, defying demands for consumer spending ahead of the yuletide. The government thus realized its target after the target amount was oversubscribed by 33.67%.

A total of GHS 9,284.93 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,946.00 million. The government subsequently accepted 99.09%, 96.60%, and 52.29% of the total GHS 6,562.37 million, GHS 1,322.03 million, and GHS 1,400.53 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 3,792 million from 91-day, 182-day, and 364-day bills to meet GHS 3,687 million worth of maturing papers due next week.