Treasury Rates [June 23, 2025]

Security	Interest Rates
91 – Day Bill	14.6976%
182 – Day Bill	15.2540%
364 – Day Bill	15.6936%

Treasury bill rates were little changed from the previous week’s level as yields posted their slowest dip yet this week as investors sought other high-yielding investment options following the entrenched negative real returns on the government’s short-term papers. Despite the persistent drops in the inflation readings for the year, the yields on Treasury papers have slumped by relatively larger margins, which has thus led to investors sustaining losses in real terms on their investments. Investors have, in recent times, responded to the steep drop in yields by seeking to reduce their exposures to the government’s papers.

The yield on the 91-day bill fell marginally this week, having lost by 9 basis points (bps) last week. It fell from 14.7023% posted last week to clear at 14.6976% this week.

The 182-day bill recorded a tiny drop this week after inching down by 20 bps last week. It moved down to 15.2540% this week from 15.2543% posted last week.

The 364-day bill fell by 5 bps this week to extend its year-to-date losses to 47.95%. It cleared at 15.6936% this week, down from 15.7418% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.7023%	14.6976%	0.00	-0.03%	-47.86%
182 – Day	15.2543%	15.2540%	0.00	0.00%	-47.25%
364 – Day	15.7418%	15.6936%	-0.05	-0.31%	-47.95%

Auction results of tender 1960 revealed that demand remained sluggish as the government failed to realize its target for the fourth consecutive time. Investors once again sat on the fence as they held back from the papers, with the government receiving 74.06% subscription.

A total of GHS 3,370.62 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,551.00 million. The government accepted 90.62%, 84.29%, and 66.82% of the GHS 2,418.24 million, GHS 716.29, and 236.09 million worth of bids tendered for the 91-day, 182-day 364-day bills, respectively.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 3,860 million from 91-day, 182-day, and 364-day bills to meet GHS 3,722 million worth of maturing papers due next week.