Weekly GoG Treasury Bills News Report – Week 36 [September 7, 2026]

Security	Interest Rates
91 – Day Bill	4.8050%
182 – Day Bill	6.6831%
364 – Day Bill	10.1169%
4 – Year Fixed Rate Bond	12.0000%

Treasury bill rates fell concurrently for the fourth consecutive time this week, failing to take cues from the recently announced consumer price statistics, which showed that the inflation rate surprisingly ticked higher in August despite some key components, including the monthly inflation reading, revealing declining price pressures. The uptick in the consumer price reading was largely driven by the non-food inflation basket, as some items in this group showed price stickiness. The decline in the yields on the government’s short-term securities was thus attributable mainly to strong investor demand, buoyed by improving investor confidence in the domestic market. Yields over the short-term are expected to continue to post modest declines, with year-end pressures expected to limit the rate of decline.

The 91-day bill fell by 14 basis points (bps) to send its recent accumulated losses since mid-July to 1 percentage point. It fell from 4.9460% last week to clear at 4.8050% this week.

The yield on the 182-day bill dipped by 18 bps to send its year-to-date performance to -46.75%. It moved down from 6.8587% as of last week to 6.6831% this week.

The 364-day bill continued to sustain relatively larger margins of decrease, down by 66 bps to build on last week’s 82 bps drop. It slowed to 10.1169% this week, down from 10.7778% as of last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9460%	4.8050%	-0.14	-2.85%	-56.78%
182 – Day	6.8587%	6.6831%	-0.18	-2.56%	-46.75%
364 – Day	10.7778%	10.1169%	-0.66	-6.13%	-21.77%

The auction results for Tender 2023 revealed that investors once again crowded the government’s short-term papers to lock in rates amid growing expectations of lower inflation in the remaining sessions of the year. The government subsequently achieved its target, realizing 51.63% more than its intended target.

A total of GHS 9,937.54 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,554.00 million. The government remained glued to its policy stance of attempting to lower its interest burden, as it went ahead to accept portions of the bids tendered. It thus accepted 93.73%, 83.20%, and 53.03% of the total GHS 6,225.60 million, GHS 1,915.21 million, and GHS 1,796.73 million worth of bids tendered for its 91-day, 182-day, and 364-day bills, respectively.

During the course of last week, the government announced its intention to enter the bond market to issue a 4-year fixed-rate bond with a price range of 12.0000% to 15.0000%. The paper, at the end of the book-building stage, received GHS 4,462.38 million in bids, out of which GHS 3,149.12 million were accepted at an interest rate of 12.0000%.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 7.97 billion from 91-day, 182-day, and 364-day bills to meet GHS 7.87 billion worth of maturing papers due next week.