Weekly GoG Treasury Bills News Report – Week 38 [September 21, 2026]

Security	Interest Rates
91 – Day Bill	4.6941%
182 – Day Bill	6.4895%
364 – Day Bill	9.9820%

Treasury yields continued their downward streak this week for at least the sixth consecutive time as rates remain on course to touch their lowest in recent history. The yields on the government’s short-term papers, after a sharp dip over the first two months of the year, have resumed their declining trajectory despite the emergence of renewed risks to the inflation outlook, propelled by the protracted Middle East crisis. The sustained drop in Treasury rates has been supported on the domestic front by the rising demand for the government’s short-term papers as pension funds pile up. Treasury rates are expected to continue to post some declines for the remainder of the year, albeit with minimal magnitude as consumer prices face pressures.

The 91-day bill was little changed this week, registering a decline from 4.6949% posted last week to clear at 4.6941% this week with a year-to-date performance of -57.77%.

The 182-day recorded a marginal decline this week, down by 2 basis points (bps) to clear at 6.4895% this week from 6.5107% last week.

The 364-day bill fell the most this week, with a drop of 12 bps after a much calmer decline last week. It dipped to 9.9820% this week, down from 10.1017% last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6949%	4.6941%	0.00	-0.02%	-57.78%
182 – Day	6.5107%	6.4895%	-0.02	-0.33%	-48.29%
364 – Day	10.1017%	9.9820%	-0.12	-1.18%	-22.82%

The auction results for Tender 2025 revealed that after an impressive record run of oversubscriptions, investors this week paused to reassess the outlook for Treasury yields amidst growing expectations of higher inflation numbers as the festive season approaches. Accordingly, the government received bids less than its intended target, with the target falling short by 4.00%.

A total of GHS 3,956.06 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,121.00 million. Despite the undersubscription, the government remained glued its stance of dragging down rates, as it went ahead to accept 81.96%, 49.68%, and 9.10% of the total GHS 2,289.19 million, GHS 452.79 million, and GHS 1,214.08 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 2.75 billion from 91-day, 182-day, and 364-day bills to meet GHS 2.12 billion worth of maturing papers due next week.