Weekly GoG Treasury Bills News Report – Week 26 [June 29, 2026]

Security	Interest Rates
91 – Day Bill	5.7329%
182 – Day Bill	7.6933%
364 – Day Bill	12.8218%

Treasury bill rates this week continued to defy the odds of a slight decline in yields on the back of expectations of lower inflation numbers fueled by the de-escalation of tensions between the US and Iran following the announcement of the ceasefire between the two warring sides. This development has culminated in the lowering of international crude oil prices, with the pass-through effect already hitting June’s second pricing window as the price of petroleum products on the local market saw a drop. The surprise pickup in yields is, however, mainly stemming from investors asking for higher yields as the government also expands its needs of funds to support some critical public investment and infrastructure.

Having edged up by 26 basis points (bps) last week, the 91-day bill recorded its fifth consecutive increase, coming in with an increase of 43 bps. It rose from 5.3054% posted last week to clear at 5.7329% this week.

The yield on the 182-day climbed up by 56 bps to build on last week’s 5 bps increase. It cleared at 7.6933% this week, up from 7.1317% posted the previous week.

Movements in Treasury yields remained skewed towards the 364-day bill as it once again recorded a bigger margin of increase, with a 1.46 percentage point increase this week. It rose from 11.3612% registered last week to clear at 12.8218% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.3054%	5.7329%	0.43	8.06%	-48.43%
182 – Day	7.1317%	7.6933%	0.56	7.87%	-38.70%
364 – Day	11.3612%	12.8218%	1.46	12.86%	-0.86%

The auction results of Tender 2013 revealed that investors responded positively to last week’s pick-up in Treasury yields as they renewed their interest in the government’s short-term papers this week, whilst asking for higher yields. The government’s target was subsequently oversubscribed by 60.17%.

A total of GHS 7,371.24 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,602.00 million. Despite the oversubscription, the government, in dire need of funds to support key government projects, went ahead to accept 90.98%, 82.01%, and 78.93% of the total GHS 1,475.20 million, GHS 461.91 million, and GHS 5,434.13 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 3.37 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.32 billion worth of maturing papers due next week.