Weekly GoG Treasury Bills News Report – Week 33 [August 17, 2026]

Security	Interest Rates
91 – Day Bill	5.4682%
182 – Day Bill	7.2720%
364 – Day Bill	12.5000%

After weeks of struggling to find a uniform trajectory, Treasury bill rates this week fell simultaneously across the three tenors in line with the recent inflation print, which revealed that the headline inflation rate slowed down in July in defiance of expectations of a further tightening of consumer prices. The drop in the inflation rate came largely on the back of declines in the price of some key foodstuffs amid cuts in the prices of some petroleum products. A relatively stable exchange rate environment has supported the drop, keeping imported inflation largely subdued. With concerns rising over a return to the disinflationary path as calm returns to the global stage, Treasury yields across the tenors are expected to remain broadly range-bound, with some apparent minimal downward pressures.

The yield on the 91-day bill fell by 16 basis points (bps) this week, failing to post a recovery from last week’s 13 bps drop. It cleared at 5.4682% this week, down from 5.6289% posted the previous week.

The 182-day plummeted by 25 bps this week to build on last week’s 11 bps dip. It fell from 7.5265% posted last week to clear at 7.2720% this week.

The 364-day suffered its largest weekly drop in over five months this week, registering a steep decline of 49 bps. It declined to 12.5000% this week, down from 12.9864% posted the previous week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.6289%	5.4682%	-0.16	-2.85%	-50.81%
182 – Day	7.5265%	7.2720%	-0.25	-3.38%	-42.06%
364 – Day	12.9864%	12.5000%	-0.49	-3.75%	-3.35%

The auction results of Tender 2020 showed that investors paid less attention to the signs of a return to the disinflationary path as they once again renewed their interest in the government’s assets in an attempt to lock in rates. Subsequently, the government’s target amount was oversubscribed by 88.22%.

A total of GHS 11,279.92 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,993.00 million. The government, in a bid to drive down rates, exercised restraint, accepting 80.24%, 41.08%, and 5.84% of the total GHS 5,066.69 million, GHS 1,281.56 million, and GHS 4,931.67 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 5.43 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.35 billion worth of maturing papers due next week.