Weekly GoG Treasury Bills News Report – Week 41 [October 12, 2026]

Security	Interest Rates
91 – Day Bill	4.6042%
182 – Day Bill	6.2791%
364 – Day Bill	9.7523%

Treasury bill rates extended their weekly streak of declines for at least the ninth time this week, despite the latest inflation print showing that consumer prices ticked higher in September, in line with expectations. The headline inflation rate rose to a three-month high of 5.2%, marking the second successive increase from 4.6% in July. The apparent resurgence of upward price pressures on consumer goods and services is coming on the back of a mixed bag of local and foreign developments. On the foreign front, spikes in crude oil prices on the international market have inadvertently translated into the local economy, with prices of petroleum products at the pumps undergoing upward reviews. The Cedi’s mild yet persistent declines against some of its major trading partner currencies, coupled with limited supply of some food staples, have also fed into elevated price levels on the domestic front. This notwithstanding, Treasury rates continue to defy the odds, as yields trend downward, supported by stronger demand and government-willed efforts to drive down rates.

The yield on the 91-day bill fell by the same margin of decline posted last week, edging down by 4 basis points to send its year-to-date fall to 58.58%. It cleared at 4.6042% this week, down from 4.6413% registered last week.

The 182-day bill suffered its eleventh consecutive drop this week, down by 4 bps to build on last week’s 5 bps drop. It moved down from 6.3193% recorded last week to clear at 6.2791% this week.

The 364-day bill fell more sharply this week, down 5 bps from last week’s 3 bps dip. It declined to 9.7523% this week from 9.8017% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6413%	4.6042%	-0.04	-0.80%	-58.58%
182 – Day	6.3193%	6.2791%	-0.04	-0.64%	-49.97%
364 – Day	9.8017%	9.7523%	-0.05	-0.50%	-24.59%

The auction results for Tender 2028 showed that, driven by mounting expectations of higher inflation numbers, investors once again renewed their interest in the government’s short-term securities as they await a pickup in yields. The government’s target amount was subsequently oversubscribed by 76.43%.

A total of GHS 5,061.90 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,869.00 million. The government remained glued to its stance of reducing its interest burden as it went ahead to accept 91.45%, 96.34%, and 29.06% of the total GHS 3,287.44 million, GHS 1,305.54 million, and GHS 468.92 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 5.02 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.91 billion worth of maturing papers due next week.