Weekly GoG Treasury Bills News Report – Week 37 [September 14, 2026]

Security	Interest Rates
91 – Day Bill	4.6949%
182 – Day Bill	6.5107%
364 – Day Bill	10.1017%

The yields on the government’s short-term papers extended their concurrent downward streak for the fifth consecutive time this week, despite growing concerns of global inflation heating up with crude oil prices once again soaring on the back of the prolonged Middle East crisis. On the domestic front, the sustained drop in Treasury rates has been supported by increased demand for short-term assets as pension funds build up, while primary issuance of Treasury notes and bonds remains subdued. Treasury yields are expected to continue to post marginal declines over the remaining sessions of the year, although higher inflation expectations are likely to mount upward pressures in the short-term.

The yield on the 91-day bill suffered its seventh consecutive decline this week, down by 11 basis points (bps) to clear at 4.6949%, down from 4.8050% posted the previous week.

The 182-day bill extended its year-to-date losses to 48.12%, having declined by 17 bps this week. It cleared at 6.5107% this week from 6.6831% recorded last week.

Having suffered a huge decline with a drop of 66 bps last week, the 364-day bill posted a marginal decrease of 2 bps from 10.1169% registered last week to clear at 10.1017% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.8050%	4.6949%	-0.11	-2.29%	-57.77%
182 – Day	6.6831%	6.5107%	-0.17	-2.58%	-48.12%
364 – Day	10.1169%	10.1017%	-0.02	-0.15%	-21.89%

The auction results for Tender 2024 showed that investors toned down their overwhelming demand for the government’s short-term assets at last Friday’s auction, having already participated in the previous week’s 4-year fixed rate bond. This notwithstanding, the government’s target was oversubscribed by 2.83%.

A total of GHS 8,195.73 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,970.00 million. The government, in a bid to sustain its efforts aimed at driving down its borrowing cost, reduced its uptake this week, accepting less than its intended target. The government accepted 99.12%, 87.69%, and 55.53% of the total GHS 4,561.75 million, GHS 2,071.05 million, and GHS 1,562.93 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 4.12 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.17 billion worth of maturing papers due next week.