Weekly GoG Treasury Bills News Report – Week 16 [April 20, 2026]

Security	Interest Rates
91 – Day Bill	4.9480%
182 – Day Bill	6.9099%
364 – Day Bill	10.1283%

Treasury bill rates edged up this week for the fifth consecutive time in what appears to be a modest recovery after yields underwent a sharp decline in February and March. Treasury yields have, however, since late March to date stayed on a sustained uptick buoyed by a possible emergence of risks to the inflation outlook following the ongoing geopolitical tensions in the Middle East. A US and Israel assault on Iran has inadvertently led to spikes in crude oil prices on the world market as well as disruptions to some supply chains. This development has sparked concerns that global inflation is beginning to rise. Ghana’s inflation recorded its slowest decline in more than six months in March, signalling a looming upward price pressure on consumer prices. This trend is expected to continue to mount upward pressures on the yields on the government’s short-term securities in the near term.

The 91-day bill rose by 4 basis points (bps) this week to build on last week’s 9 bps increase. It picked up from 4.9106% registered last week to 4.9480% this week.

The yield on the 182-day bill came in with an impressive jump, climbing up by 13 bps to add onto last week’s 7 bps increase. It cleared at 6.9099% this week, up from 6.7760% posted the previous week.

The 364-day bill came in as the star performer for the week, up by 15 bps to build on the previous week’s 14 bps jump. It moved up from 9.9788% to clear at 10.1283% this week, its first double digit since late February.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9106%	4.9480%	0.04	0.76%	-55.49%
182 – Day	6.7760%	6.9099%	0.13	1.98%	-44.94%
364 – Day	9.9788%	10.1283%	0.15	1.50%	-21.69%

The auction results of Tender 2003 revealed that the government narrowly missed its target this week, extending its series of undersubscriptions to the fifth consecutive time, as investors continue to sit on the fence as they reassess the path of the inflation outlook amid expectations of higher inflation numbers. The government’s target amount was thus undersubscribed by 8.21%

A total of GHS 4,488.55 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,890.00 million. The government continued to show reluctance in accepting all bids tendered despite the undersubscription, as it went ahead to accept 99.46%, 98.30%, and 68.06% of the total GHS 2,555.21 million, GHS 771.16 million, and GHS 1,162.18 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 4.48 billion from 91-day, 182-day, and 364-day bills to meet GHS 4.42 billion worth of maturing papers due next week.