Weekly GoG Treasury Bills News Report – Week 29 [July 20, 2026]

Security	Interest Rates
91 – Day Bill	5.7845%
182 – Day Bill	7.6763%
364 – Day Bill	12.9954%

Following last week’s measured movements in the yields on the government’s short-term assets, rates this week struggled for direction as yields posted diverging results across the three tenors with modest movements. This is coming on the back of a lack of clarity among investors as to the future direction of the inflation path, as global inflation continues to be swayed by protracted US-Iran conflict. Two key domestic events due later in the month, the presentation of the mid-year budget review and the July sitting of the central bank’s monetary policy committee, will be expected to give insights on the direction of rates in the near- to medium-term.

The yield on the 91-day bill lost by 8 basis points (bps) this week, adding to last week’s marginal drop to extend its year-to-date decline to 47.27%. It cleared at 5.7845% this week, down from 5.8617% posted last week.

The 182-day bill lost steam this week, down by 11 bps, its first weekly loss in five weeks. It fell from 7.7884% registered last week to clear at 7.6763% this week.

The 364-day bill was little changed this week, edging up slightly to build on last week’s 6 bps increase. It rose to 12.9954% this week, up from 12.9916% recorded the previous week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.8617%	5.7845%	-0.08	-1.32%	-47.97%
182 – Day	7.7884%	7.6763%	-0.11	-1.44%	-38.84%
364 – Day	12.9916%	12.9954%	0.004	0.03%	0.48%

The auction results of Tender 2016 showed that investors once again renewed their interest in the government’s assets as they thronged to the government’s assets to lock in on rates on fears of a return to the disinflationary path. Consequently, the government realized its target, beating it further by 72.51%.

A total of GHS 12,700.31 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,362.00 million. Despite the overwhelming oversubscription, the government went ahead to take more than it had intended to, accepting 86.55%, 66.93%, and 76.22% of the total GHS 3,514.39 million, GHS 873.97 million, and GHS 8,311.95 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 9.49 billion from 91-day, 182-day, and 364-day bills to meet GHS 11.36 billion worth of maturing papers due next week.