Weekly GoG Treasury Bills News Report – Week 22 [June 1, 2026]

Security	Interest Rates
91 – Day Bill	4.9901%
182 – Day Bill	7.0434%
364 – Day Bill	10.4593%

Having suffered a marginal decline in yields across the three tenors last week following the central bank’s Monetary Policy Committee decision to momentarily suspend its monetary policy easing cycle at its last sitting last month, Treasury rates this week recovered modestly on the back of lingering risks to the inflation outlook. Expectations of higher inflation numbers have since mid-March mounted pressures on the yields on the government’s short-term papers on the heels of rising geopolitical tensions in the Middle East after yields underwent a sharp fall in February and early sessions of March. Treasury yields over the short to medium-term are expected to continue to post marginal increases as investors ask for higher returns.

The yield on the 91-day bill rose by 8 basis points (bps) this week, surpassing last week’s tiny decline. It rose from 4.9143% posted last week to clear at 4.9901% this week.

The 182-day bill posted a marginal increase this week, with a rise from 7.0406% posted last week to clear at 7.0434% this week.

The 364-day bill climbed up by 9 bps to recover from last week’s 1 basis point drop. It cleared at 10.4593% this week, up from 10.3716% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9143%	4.9901%	0.08%	1.54%	-55.11%
182 – Day	7.0406%	7.0434%	0.003%	0.04%	-43.88%
364 – Day	10.3716%	10.4593%	0.09%	0.85%	-19.13%

The auction results of Tender 2009 revealed that investors remained skeptical towards overexposing themselves to the government’s short-term assets as they continued to sit on the fence in a bid to force a further increase in yields. The government, subsequently, missed its target for the second consecutive time, with an undersubscription rate of 16.56%.

A total of GHS 4,916.56 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,892.00 million. The government went ahead to accept all GHS 797 million worth of bids tendered for the 364-day bill, and accepted 99.82% and 94.13% of the total GHS 3,368.91 million and GHS 749.67 million worth of bids tendered for its 91-day and 182-day, respectively.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 5.44 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.37 billion worth of maturing papers due next week.