Weekly GoG Treasury Bills News Report – Week 25 [June 22, 2026]

Security	Interest Rates
91 – Day Bill	5.3054%
182 – Day Bill	7.1317%
364 – Day Bill	11.3612%

Expectations of slower inflation numbers on the back of improvement in risk sentiments, as investors reacted positively to signs of progress in ongoing peace talks between the US and Iran, failed to mount a downward pressure on the yields on short-term Ghanaian Treasury securities, as domestic investors were seen showing skepticism towards the development in the Gulf region. The easing geopolitical tensions between the US and Iran have so far impacted the domestic economy, with the Cedi registering an impressive recovery last week, whilst the prices of petroleum products have also undergone some cuts following a decline in crude oil prices on the international market. As the inflation outlook remains widely stable, progress in the US-Iran peace talks and its impact on the global financial market will be expected to slightly impact the direction of Treasury yields in the near to short-term.

The yield on the 91-day bill recorded its biggest weekly increase so far in 2026 this week, edging up by 26 basis points (bps) to clear at 5.3054% from 5.0423% posted last week.

Having been the lone decliner last week with a dip by a basis point, the 182-day bill rose modestly by 5 bps from 7.0804% posted last week to clear at 7.1317% this week.

The 364-day bill continued to record comparatively huge margins of increase, inching up by 39 bps to build on last week’s 14 bps increase. It rose from 10.9761% registered last week to clear at 11.3612% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.0423%	5.3054%	0.26%	5.22%	-52.28%
182 – Day	7.0804%	7.1317%	0.05%	0.72%	-43.18%
364 – Day	10.9761%	11.3612%	0.39%	3.51%	-12.15%

The auction results of Tender 2012 showed that investors largely held back this week, adopting a wait-and-see approach amid the highly fluid geopolitical landscape, after showing strong interest in the government’s assets over the past two weeks. Accordingly, the government only received 79.76% of its intended target amount.

A total of GHS 4,206.80 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,274.00 million. The government, in dire need of funds to support key government projects, went ahead to accept all GHS 2,257.68 million, GHS 802.87 million, and GHS 1,146.25 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 4.60 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.00 billion worth of maturing papers due next week.