Weekly GoG Treasury Bills News Report – Week 19 [May 11, 2026]

Security	Interest Rates
91 – Day Bill	4.8832%
182 – Day Bill	7.0384%
364 – Day Bill	10.1302%

Treasury bill rates came in mixed this week for the third consecutive time as yields struggled to find a concrete path following the emergence of possible risks to Ghana’s inflation outlook. In line with expectations, the headline inflation rate ticked higher at the start of the second quarter of the year for the first time in over fifteen weeks as the pass-through effect of the ongoing Middle East crisis began to weigh on consumer prices. The spillover effect of the US-Iran conflict was particularly more pronounced on non-food items and imported items, which saw significant increases in their respective inflation readings on both a monthly and yearly basis, pushing the headline inflation rate from 3.2% in March to 3.4% in April. Whilst this increase is unlikely to significantly force a reversal of the largely downward streak of Treasury rates, expectations of a further climb in the consumer price index are likely to pressure yields upwards in the near to medium term.

The yield on the 91-day bill edged down by 4 bps this week, having remained largely unchanged last week. It moved down to 4.8832% this week, down from 4.9233% posted the previous week.

The 182-day bill came in as the sole gainer for the week, extending its series of gains by 7 bps this week. It moved up from 6.9715% posted last week to clear at 7.0384% this week.

The 364-day bill fell by 7 bps this week, erasing a similar margin of increase recorded last week. It fell from 10.1968% registered last week to clear at 10.1302% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9233%	4.8832%	-0.04	-0.81%	-56.07%
182 – Day	6.9715%	7.0384%	0.07	0.96%	-43.92%
364 – Day	10.1968%	10.1302%	-0.07	-0.65%	-21.67%

The auction results of Tender 2006 showed that investors took a cue from the climb in the recent inflation print as growing expectations of higher inflation numbers pushed them to renew their interest in the government’s short-term assets, having sat on the fence for the past seven weeks. The government accordingly met its target this week, with an oversubscription of 80.03%.

A total of GHS 7,829.78 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,349.00 million. The government, in a bid to reduce its interest burden, took advantage of the overwhelming demand to accept only 76.53%, 87.78%, and 78.01% of the total GHS 5,715.80 million, GHS 651.22 million, and GHS 1,462.76 million worth of bids tendered for its 91-day, 182-day, and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 4.30 billion from 91-day, 182-day, and 364-day bills to meet GHS 4.18 billion worth of maturing papers due next week.