Weekly GoG Treasury Bills News Report – Week 20 [May 18, 2026]

Security	Interest Rates
91 – Day Bill	4.9174%
182 – Day Bill	7.0411%
364 – Day Bill	10.3857%

After weeks of posting mixed results, Treasury bill rates this week climbed across the three tenors in consonance with the pick-up in the latest inflation reading, which showed that the headline inflation rate climbed for the first time in more than fifteen months. In line with expectations, the headline inflation rate ticked higher in April as the pass-through effect of the ongoing Middle East crisis began to weigh on consumer prices. This follows spillovers from the crisis affecting prices of petroleum products as well as increases in the cost of imports as the Cedi steadily loses ground against some of its major trading partner currencies. Consequently, the yields on the government’s short-term papers are expected to be pressured up on the back of growing expectations of higher inflation numbers.

Having registered a 4 basis points (bps) dip last week, the 91-day bill rose by 3 bps to record its first gain over the past four weeks. It rose from 4.8832% posted last week to clear at 4.9174% this week.

The yield on the 182-day bill was little changed this week, having been on a steady rise over the past eight weeks. It rose to 7.0411% this week, up from 7.0384% posted last week.

The 364-day bill came in as the star performer for the week, rising by a massive 26 bps to recover from its most recent losses. It moved up from 10.1302% registered last week to 10.3857% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.8832%	4.9174%	0.03	0.70%	-55.77%
182 – Day	7.0384%	7.0411%	0.00	0.04%	-43.90%
364 – Day	10.1302%	10.3857%	0.26	2.52%	-19.70%

The auction results of Tender 2007 revealed that investors once again increased their exposures to the government’s short-term assets on the back of rising expectations of a tightening in the consumer price index. The government’s target amount was thus oversubscribed by 34.84%.

A total of GHS 5,798.25 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,300.00 million. The government went ahead to accept 95.30%, 94.63%, and 91.64% of the total GHS 3,833.06 million, GHS 709.83 million, and GHS 1,255.36 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 4.49 billion from 91-day, 182-day, and 364-day bills to meet GHS 4.43 billion worth of maturing papers due next week.