Weekly GoG Treasury Bills News Report – Week 35 [August 31, 2026]

Security	Interest Rates
91 – Day Bill	4.9460%
182 – Day Bill	6.8587%
364 – Day Bill	10.7778%

Ahead of the release of consumer price statistics later in the week, the yields on the government’s short-dated assets fell this week, extending their declining trajectory, with rates fast approaching their lowest since early June 2026. Inflation data for August is expected to further guide the market as to the near-term direction of future interest rates, although analysts are predicting that the headline inflation print is unlikely to post any major deviation from the current levels. As expectations grow of a further slowdown in inflation numbers, Treasury rates are anticipated to continue their downward trajectory over the near to short-term.

The yield on the 91-day bill registered a much calmer decline this week, down by 13 basis points (bps) compared to last week’s 39 bps drop. It cleared at 4.9460% this week from 5.0795% posted last week.

The 182-day bill sustained its fifth continuous drop this week, down by 22 bps, surpassing last week’s 19 bps drop to send its accumulated losses in August to 83 bps. It moved down from 7.0800% posted last week to clear at 6.8587% this week.

The 364-day bill plummeted by 82 bps this week, adding to last week’s 91 bps drop, as its year-to-date performance worsened from a 2026-year high of 1.46% in late June to -0.82% this week. It fell from 11.5930% last week to 10.7778% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.0795%	4.9460%	-0.13	-2.63%	-55.51%
182 – Day	7.0800%	6.8587%	-0.22	-3.13%	-45.35%
364 – Day	11.5930%	10.7778%	-0.82	-7.03%	-16.66%

The auction results for Tender 2022 showed that investors once again thronged the government’s short-term securities to lock in rates amid growing expectations of lower inflation in the remaining sessions of the year. Accordingly, the government recorded its ninth successive oversubscription, with bids coming in excess of 139.52% over the intended target.

A total of GHS 12,345.18 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,147.00 million. Despite the overwhelming subscription, the government tapered down on its uptake of bids tendered, accepting 79.95%, 72.62%, and 36.62% of the total GHS 3,557.94 million, GHS 1,287.77 million, and GHS 7,499.47 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 6.55 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.41 billion worth of maturing papers due next week.