Weekly GoG Treasury Bills News Report – Week 06 [February 9, 2026]

Security	Interest Rates
91 – Day Bill	9.9696%
182 – Day Bill	11.8165%
364 – Day Bill	12.0623%

Treasury bill rates fell further this week, with the yield on the 91-day bill falling into the single digits for the first time in recent history as a strong pickup in demand for the government’s short-term papers, amidst the ongoing deceleration of the consumer price index, mounts downward pressure on rates. This is in line with earlier expectations that the direction of the monetary policy rate announcement will impart near-term interest rates. Investors have so far, in the early sessions of the year, increased their exposures to the government’s Treasury papers as the economy remains on a strong recovery path with most key macroeconomic variables pointing in the right direction. A relatively tame inflation outlook, with the latest inflation print revealing that inflation began the year at 3.8%, down from a high of 23.5% over the same period last year have supported the renewed downward pressures on the Treasury rates.

The 91-day bill sustained the biggest fall this week, down by 86 basis points (bps) to build on last week’s 37 bps dip. It cleared at 9.9696% this week, down from 10.8260% posted last week.

The yield on the 182-day bill lost by 56 bps this week, adding onto last week’s 28 bps drop. It moved down from 12.3806% posted last week to clear at 11.8165% this week.

Having declined by 24 bps last week, the 364-day bill failed to post any recovery as it fell again by 76 bps this week. It dropped from 12.8235% posted last week to clear at 12.0623% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.8260%	9.9696%	-0.86	-7.91%	-10.32%
182 – Day	12.3806%	11.8165%	-0.56	-4.56%	-5.85%
364 – Day	12.8235%	12.0623%	-0.76	-5.94%	-6.73%

The auction results of Tender 1993 showed that investors once again rushed to take positions in the government’s short-term papers to lock in on rates before rates drop any further in the near future. Consequently, the government’s target amount was oversubscribed by nearly 250%.

A total of GHS 17,242.09 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,976.00 million. Despite the overwhelming subscription, the government went ahead to accept more than its intended target, accepting 38.36%, 34.95%, and 28.84% of the total GHS 6,572.40 million, GHS 3,724.88 million, and GHS 6,944.81 million worth of bids tendered for the 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 6.42 billion from 91-day, 182-day, and 364-day bills to meet GHS 6.29 billion worth of maturing papers due next week, as well as to create buffers for the upcoming DDEP coupon payments.