Weekly GoG Treasury Bills News Report – Week 27 [July 6, 2026]

Security	Interest Rates
91 – Day Bill	5.8730%
182 – Day Bill	7.7883%
364 – Day Bill	12.9295%

In line with expectations, Treasury bill rates ticked higher this week, extending their recent streak of gains as pressure continues to mount on the prices of consumer goods and services. According to the latest consumer price index data released last week, the headline inflation rate climbed for the third consecutive time in May, defying growing expectations of a return to the disinflationary path. Growing expectations of slower inflation numbers are coming on the back of progress made in the US-Iran dialogue, with the prices of crude oil seen trending downwards after hitting multi-year highs. Despite these happenings, a steady increase in the price of some selected foodstuffs continued to exert pressure on consumer prices, pushing investors to ask for higher yields.

The 91-day bill rose for the sixth consecutive time this week, up by 14 basis points (bps) to build on the previous week’s 43 bps increase. It rose from 5.7329% posted last week to clear at 5.8730% this week.

The 182-day bill recorded a marginal increase, up by 9 bps this week, adding to last week’s 56 bps increase. It climbed up from 12.8218% recorded last week to clear at 12.9295% this week.

The yield on the 364-day bill recorded its slowest growth in five weeks this week, edging up by 11 bps to build on last week’s 146 bps increase. It rose from 12.8218% posted last week to clear at 12.9295% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.7329%	5.8730%	0.14	2.44%	-47.17%
182 – Day	7.6933%	7.7883%	0.09	1.23%	-37.94%
364 – Day	12.8218%	12.9295%	0.11	0.84%	-0.03%

The auction results of Tender 2014 showed that investors once again renewed their interest in the government’s short-term assets as yields improve with widening positive real returns. Accordingly, the government’s target amount was oversubscribed by 23.47%.

A total of GHS 4,162.2 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,371.00 million. The government, in turn, went ahead to accept 96.66%, 71.11%, and 59.07% of the total GHS 1,688.11 million, GHS 618.90 million, and GHS 1,855.19 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 5.57 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.67 billion worth of maturing papers due next week.