Weekly GoG Short-Term Securities Report – Week 01 [January 5, 2026]

Security	Interest Rates
91 – Day Bill	11.0912%
182 – Day Bill	12.5249%
364 – Day Bill	12.9407%

The yields on the government’s short-term papers largely trended upwards this week from last week’s level, with the 91-day and the 182-day bills climbing up this week, whilst the 364-day bill suffered a tiny decline. The seemingly upward pressure on Treasury papers, which began last week, stems from rising expectations of a comparatively higher uptick in the consumer price index in December following the increase in economic activities during the festive season. Consequently, investors expect that the inflation rate will register its first increase in 2025 in December, although the margin of increase is expected to be minimal. The inflation data is due later in the week and will be expected to shape investors’ ask quotes in the new year.

The 91-day bill cleared higher this week with an increase of 3 basis points (bps), having registered a tiny increase last week. It cleared at 11.1169% this week, up from 11.0912% posted last week.

The yield on the 182-day bill added 3 bps gain to last week’s 9 bps increase. It rose from 12.5249% posted last week to clear at 12.5506% this week.

The 364-day bill failed to build on last week’s 3 bps jump, as it fell by one basis point this week. It declined from 12.9407% posted last week to clear at 12.9329% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.0912%	11.1169%	0.03	0.23%	0.00%
182 – Day	12.5249%	12.5506%	0.03	0.21%	0.00%
364 – Day	12.9407%	12.9329%	-0.01	-0.06%	0.00%

The auction results of Tender 1988 revealed that the government began the year on a good note as demand rose to meet the intended target amount. This was supported by investors’ expectations of a higher inflation rate, thus the decision to ask for higher yields. The government’s target was subsequently oversubscribed by 19.80%.

A total of GHS 4,781.39 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,991.00 million. The government consequently accepted all GHS 1,943.13 million worth of bids tendered for its 91-day bill and accepted 82.22% and 78.57% of the total GHS 1,225.55 million and GHS 1,607.71 million worth of bids tendered for the 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 7.56 billion from 91-day, 182-day, and 364-day bills to meet GHS 7.36 billion worth of maturing papers due next week.