Weekly GoG Treasury Bills News Report – Week 18 [May 4, 2026]

Security	Interest Rates
91 – Day Bill	4.9233%
182 – Day Bill	6.9715%
364 – Day Bill	10.1968%

Ahead of the release of consumer price statistics for April 2025, where the market is already bracing itself for yet another sluggish decline in the inflation reading or the first increase in over fifteen months, Treasury bill rates came in mixed this week, after a similar performance last week. The yields on the government’s short-term assets have been struggling to find a direction over the past two weeks as yields continued to be battered with improving macroeconomic conditions at home and deteriorating investor confidence in emerging and developing markets on the back of the ongoing Middle East crisis. Inflation in March saw the slowest decline in more than six months, as the passthrough effect of the Middle East crisis began to weigh on consumer prices, with expectations growing of higher inflation numbers in the coming months.

Having edged down by 2 basis points (bps) last week, the 91-day bill was little changed this week, further inching down to 4.9233% this week from 4.9244% posted last week.

The 182-day extended its rising trajectory for the seventh consecutive time, with an increase of a basis point to build on last week’s 5 bps increase. It moved up from 6.9630% posted last week to clear at 6.9715% this week.

The 364-day bill came in with the biggest jump this week, up by 7 bps, having sustained a marginal loss last week. It cleared at 10.1968% this week, up from 10.1239% registered the previous week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9244%	4.9233%	0.00	-0.02%	-55.71%
182 – Day	6.9630%	6.9715%	0.01	0.12%	-44.45%
364 – Day	10.1239%	10.1968%	0.07	0.72%	-21.16%

The auction results of Tender 2005 revealed that investors remained less enthused towards the government’s short-term assets as the prevalent rates continued to be less attractive to investors despite the current low inflation regime. The government subsequently missed its target for the seventh consecutive time, realizing 89.61% of its target at last Friday’s auction.

A total of GHS 4,488.36 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,009.00 million. The government went ahead to accept all GHS 1,894.39 million and GHS 764.25 million worth of bids tendered for its 91-day and 182-day bills, and accepted 97.51% of the total GHS 1,829.72 million worth of bids tendered for the 364-day bill.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 4.35 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.75 billion worth of maturing papers due next week.