Weekly GoG Treasury Bills News Report – Week 32 [August 10, 2026]

Security	Interest Rates
91 – Day Bill	5.6289%
182 – Day Bill	7.5265%
364 – Day Bill	12.9864%

In a week after the headline inflation rate defied bets of yet another pick-up in the inflation rate, the yields on the government’s short-term papers extended their diverging paths as yields cleared mixed across the three tenors. According to the latest consumer price index data released last week, the inflation rate appeared to have resumed its disinflationary path as the headline rate posted its first decline in four months in July. This was supported by easing of price pressures on some staples as some key food items began to trade cheaper. This, supported by a relatively stable foreign exchange environment, helped to drive down the inflation rate from 5.3% as of the last reading to 4.6% in July. Treasury bill rates are expected to remain range-bound in the near-term on the back of uncertainties surrounding the inflation outlook.

The 91-day bill fell by a comparatively steeper margin this week, down by 13 basis points (bps) to build on last week’s 3 bps dip. It fell to 5.6289% this week, down from 5.7618% posted last week.

The yield on the 182-day bill also underwent a decline, down by 11 bps, failing to post a recovery from last week’s 5 bps drop. It cleared at 7.5265% this week, down from 7.6409% posted last week.

The 364-day bill, which has maintained a steady increasing trajectory since early June, continued its upward trend albeit at the slowest pace this week, as it rose marginally to build on last week’s 2 bps increase. It moved up from 12.9821% posted last week to clear at 12.9864% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.7618%	5.6289%	-0.13	-2.31%	-49.37%
182 – Day	7.6409%	7.5265%	-0.11	-1.50%	-40.03%
364 – Day	12.9821%	12.9864%	0.004	0.03%	0.41%

The auction results of Tender 2019 revealed that investors continued to swarm the government’s short-term assets despite the slowdown in the recent inflation reading. It appears that investors paid particular attention to the current stability of the domestic economy. Accordingly, the government’s target amount was oversubscribed by 87.18%.

A total of GHS 11,636.83 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,217.00 million. Despite the overwhelming subscription, the government went ahead to accept a large portion of the bids tendered, taking 63.82%, 62.38%, and 97.34% of the total GHS 3,701.66 million, GHS 1,910.85 million, and GHS 6,024.32 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 5.99 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.91 billion worth of maturing papers due next week as well as to create buffers for the upcoming coupon payments on the DDEP bonds due next week.