Weekly GoG Treasury Bills News Report – Week 34 [August 24, 2026]

Security	Interest Rates
91 – Day Bill	5.0795%
182 – Day Bill	7.0800%
364 – Day Bill	11.5930%

Treasury bill rates fell for the second consecutive time this week across the three tenors in what appears to be a return to a sustained downward movement in Treasury yields. The recent Treasury rate trajectory mirrors the latest inflation print, with the rate of increase in the consumer price index cooling for the first time in four months in July. The drop in the headline inflation rate came mainly on the back of declines in the price of some key food items amid cuts in the prices of some petroleum products. A relatively stable exchange rate environment also came in to support the drop, keeping imported inflation relatively subdued. Treasury yields are expected to continue to push down over the short-term as some key inflation determinants remain well-anchored barring any external shock.

The 91-day bill suffered its fourth successive drop this week, down by 39 basis points (bps) to add to last week’s 16 bps drop. It cleared at 5.0795% this week, down from 5.4682% posted last week.

The yield on the 182-day bill posted a much slower drop this week with a 19-bps decline compared to last week’s 25 bps drop. It moved down from 7.2720% posted last week to clear at 7.0800% this week.

The 182-day bill registered the biggest drop this week, down by 91 bps to build on last week’s 49 bps drop. It fell to 11.5930% this week, down from 12.5000% recorded the previous week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.4682%	5.0795%	-0.39	-7.11%	-54.31%
182 – Day	7.2720%	7.0800%	-0.19	-2.64%	-43.59%
364 – Day	12.5000%	11.5930%	-0.91	-7.26%	-10.36%

The auction results of Tender 2021 revealed that investors remained glued to the government’s short-term papers despite concerns of a further drop in yields, as investors appear to rush in to lock in on rates before any further downward movement. The government subsequently received an overwhelming number of bids, with its target oversubscribed by 163%.

A total of GHS 14,269.55 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,993.00 million. The government, once again, toned down its uptake of bids tendered, accepting 76.93%, 63.59%, and 27.01% of the total GHS 3,124.58 million, GHS 1,204.98 million, and GHS 9,939.99 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 5.15 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.08 billion worth of maturing papers due next week.