Weekly GoG Treasury Bills News Report – Week 28 [July 13, 2026]

Security	Interest Rates
91 – Day Bill	5.8617%
182 – Day Bill	7.7884%
364 – Day Bill	12.9916%

Treasury bill rates came in mixed this week, although movements were modest as the market struggled to find clear direction following investors’ diverging reactions to renewed pressures on the prices of consumer goods and services and the ongoing macroeconomic stability and recovery. The yields on the government’s short-term securities have seen a steady rise since March as risks to the disinflation path heightened on the back of the US-Iran conflict, which widely led to crude oil prices rising to multi-year highs. A seeming ceasefire between the parties in June calmed the international market, although the pass-through effects kept trickling down across most economies. Recent hostilities between the two sides, with oil prices pressing upward is expected to derail most gains made on the consumer price front. On the domestic scene, this development, coupled with hikes in the prices of some selected foodstuffs, an increase in utility prices, and the Cedi’s steady decline, is likely to push investors to continue to ask for higher returns on their investments.

Having posted a strong gain last week, with a 14 basis points (bps) increase, the 91-day bill fell by a basis point this week to clear at 5.8617%, down from 5.8730% posted last week.

Also having edged up by 9 bps last week, the yield on the 182-day bill largely remained unchanged this week, as it moved from 7.7883% to clear at 7.7884%.

The 364-day bill came in as the star performer for the week, with an increase of 6 bps to build on last week’s 11 bps increase. It cleared at 12.9916% this week, up from 12.9295% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.8730%	5.8617%	-0.01	-0.19%	-47.27%
182 – Day	7.7883%	7.7884%	0.0001	0.00%	-37.94%
364 – Day	12.9295%	12.9916%	0.06	0.48%	0.45%

The auction results of Tender 2015 revealed that investors trooped to the government’s short-term assets on the back of growing expectations of higher inflation numbers and as yields generally begin to improve. The government’s target amount was subsequently oversubscribed by 77.0%.

A total of GHS 10,034.14 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,669.00 million. Despite the huge oversubscription rate, the government went ahead to take more than it had intended to, accepting 60.25%, 75.65%, and 80.10% of the total GHS 2,981.54 million, GHS 1,398.47 million, and GHS 5,654.13 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 7.36 billion from 91-day, 182-day, and 364-day bills to meet GHS 7.25 billion worth of maturing papers due next week.