Weekly GoG Treasury Bills News Report – Week 21 [May 25, 2026]

Security	Interest Rates
91 – Day Bill	4.9143%
182 – Day Bill	7.0406%
364 – Day Bill	10.3716%

In a week after the central bank’s Monetary Policy Committee (MPC) voted to pause its policy easing cycle, with the committee seen adopting a more cautious stance in the face of emerging risks to the inflation outlook, Treasury bill rates fell across the board, marking the first of such simultaneous decline in nearly three months. The MPC’s decision partly hinged on the latest forecast, which suggested that inflation is expected to trend upward toward the central bank’s medium-term inflation target band, largely on the back of base-drift effects related to forex rate movements, food supply conditions, and transport fares. The emergence of upside risks to the inflation outlook following a protracted Middle East crisis, with the potential to raise the prospect of petroleum price pass-through into domestic transport and utility costs, is expected to exert minimal upward pressure on yields on the government’s short-term assets.

The 91-day bill was little changed this week, slowing down from 4.9174% posted last week to clear at 4.9143% this week.

The 182-day bill similarly posted a marginal decline, recording a drop from 7.0411% last week to clear at 7.0406% this week.

The yield on the 364-day bill edged down by a basis point this week, failing to build on last week’s massive 26 basis points increase. It declined to 10.3716% this week, down from 10.3857% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9174%	4.9143%	-0.003	-0.06%	-55.79%
182 – Day	7.0411%	7.0406%	-0.001	-0.01%	-43.90%
364 – Day	10.3857%	10.3716%	-0.01	-0.14%	-19.80%

The auction results of Tender 2008 showed that investors generally adopted a wait-and-see approach following the first monetary policy stay in nearly twelve months, as concerns grew about rising expectations of higher inflation numbers. Consequently, the government’s target amount was undersubscribed by 5.9%.

A total of GHS 4,221.14 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,486.00 million. Despite the undersubscription, the government, in a bid to keep its interest burden low, accepted 99.41%, 82.43%, and 85.62% of the total GHS 2,526.3 million, GHS 877.72 million, and GHS 817.12 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 5.89 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.66 billion worth of maturing papers due next week.