Weekly GoG Treasury Bills News Report – Week 40 [October 5, 2026]

Security	Interest Rates
91 – Day Bill	4.6413%
182 – Day Bill	6.3193%
364 – Day Bill	9.8017%

Ahead of the release of September consumer price statistics later this week, as the market braces for another pickup in the headline inflation rate, Treasury bill rates maintained their downward streak, extending their concurrent decline for the eighth consecutive time. The headline inflation rate is expected to undergo an increase fueled by the ongoing escalation of prices in petroleum products coupled with the local currency’s mild and sustained depreciation. These two key developments are likely to subdue any relief from improvement in food supply and price drops in some staples. Treasury rates, however, have been less dependent on the inflation path recently, with rates skewed more toward demand trends and government policy direction.

The 91-day bill suffered its steepest drop in three successive weeks this week, edging down by 4 basis points (bps) from 6.3701% posted last week to clear at 4.6413% this week.

The 182-day bill posted the biggest loss this week, down by 5 bps to build on last week’s 12 bps dip. It fell from 6.3701% recorded last week to clear at 6.3193% this week.

Having lost by the biggest margin last week with a 15-bps drop, the yield on the 364-day bill dipped further, down by 3 bps this week. It cleared at 9.8017% this week, down from 9.8339% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6785%	4.6413%	-0.04	-0.80%	-58.25%
182 – Day	6.3701%	6.3193%	-0.05	-0.80%	-49.65%
364 – Day	9.8339%	9.8017%	-0.03	-0.33%	-24.21%

The auction results for Tender 2027 revealed that investors renewed their interest in the government’s short-term papers in anticipation of higher inflation prints going into the festive season. Consequently, the government’s target amount was oversubscribed by 30.52%.

A total of GHS 2,925.04 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,241.00 million. The government went ahead to accept 62.96%, 65.35%, and 47.25% of the total GHS 2,215.00 million, GHS 235.19 million, and GHS 474.85 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 2.87 billion from 91-day, 182-day, and 364-day bills to meet GHS 2.46 billion worth of maturing papers due next week.