Weekly GoG Treasury Bills News Report – Week 39 [September 28, 2026]

Security	Interest Rates
91 – Day Bill	4.6785%
182 – Day Bill	6.3701%
364 – Day Bill	9.8339%

The yields on the government’s short-term securities failed to take a cue from the cautious stance adopted by Ghana’s central bank after the Monetary Policy Committee voted unanimously last week to keep the prime rate unchanged for the third consecutive time. The committee’s decision largely hinged on upside risks to the inflation outlook, including upward revisions to utility tariffs, rising ex-pump petroleum prices and their linkages to transport fares, a stronger US dollar, and possible spillovers from global supply chain constraints. Despite the emergence of upside risks to the disinflationary path, Treasury rates extended their downward streak buoyed by improved demand and efforts by the government to reduce its interest burdens.

Having remained largely unchanged last week, the yield on the 91-day bill opened this week with yet another step back, as it dropped by 2 basis points (bps) to 4.6785% this week, down from 4.6941% posted last week.

The 182-day bill posted a much bigger loss this week with a 12-bps drop compared to last week’s 2 bps drop. It cleared at 6.3701% this week from 6.4895% posted last week.

The 364-day bill suffered the biggest decline this week, down by 15 bps after a similar performance last week, when it lost 12 bps. It moved down from 9.9820% last week to clear at 9.8339% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6941%	4.6785%	-0.02	-0.33%	-57.92%
182 – Day	6.4895%	6.3701%	-0.12	-1.84%	-49.24%
364 – Day	9.9820%	9.8339%	-0.15	-1.48%	-23.96%

The auction results for Tender 2026 showed that demand for the government’s short-term papers picked up momentum at last Friday’s auction after sluggish investor interest in the previous auction. The government’s target amount was thus oversubscribed by 32.88%.

A total of GHS 3,655.64 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,751.00 million. The government went ahead to accept 90.54%, 74.06%, and 56.77% of the total GHS 2,075.97 million, GHS 702.95 million, and GHS 876.72 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 2.24 billion from 91-day, 182-day, and 364-day bills to meet GHS 2.21 billion worth of maturing papers due next week.