Weekly GoG Treasury Bills News Report – Week 14 [April 6, 2026]

Security	Interest Rates
91 – Day Bill	4.8170%
182 – Day Bill	6.7104%
364 – Day Bill	9.8422%

The yields on the government’s short-term securities continued to pressure upwards, registering their third consecutive surge across the three tenors despite a further slowdown in the headline inflation rate after inflation ended the first quarter at 3.2%, a marginal decline from the previous month’s reading of 3.3%. Growing expectations of a climb in the inflation rate following the possible pass-through effect of the ongoing Middle East crisis, as the prices of crude oil on the international market continue to spike, have driven investors to ask for higher yields. Also contributing to the gradual pickup in the yields on Treasury bills is the dip in demand as investors seek to realign their portfolio to include some bit of longer-dated government bonds following the re-opening of the domestic bond market. Over the near to short-term, Treasury yields are expected to continue to pressure up on the back of the emergence of risks to the inflation outlook.

The yield on the 91-day bill edged up marginally this week by 1 basis point to add onto last week’s 3 basis points (bps) increase. It rose from 4.8117% posted last week to clear at 4.7170% this week.

The 182-day bill recorded the biggest movement this week, up by 9 bps to build on last week’s 26 bps increase. It soared from 6.6214% registered last week to clear at 6.7104% this week.

The 364-day bill tightened by 7 bps this week to further narrow its year-to-date performance from -24.42% as at last week to -23.90% this week. It moved up from 9.7741% recorded last week to clear at 9.8422% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.8117%	4.8170%	0.01%	0.11%	-56.67%
182 – Day	6.6214%	6.7104%	0.09%	1.34%	-46.53%
364 – Day	9.7741%	9.8422%	0.07%	0.70%	-23.90%

The auction results of Tender 2001 showed that the government failed to realize its target for the third consecutive time, as investors over the past few weeks eyed the upcoming 7-year domestic bond with a coupon rate of 12.50%. The decline in interest for the low-yielding Treasury bills has resulted in the government only realizing 67.81% of its target this week.

A total of GHS 3,168.56 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,673.00 million. The government, in a bid to maintain its interest cost burden at the barest minimum, went ahead to accept 98.86%, 83.56%, and 82.25% of the total GHS 2,021.63 million, GHS 498.93 million, and GHS 648.00 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 7.57 billion from 91-day, 182-day, and 364-day bills to meet GHS 7.48 billion worth of maturing papers due next week.