Weekly GoG Treasury Bills News Report – Week 44 [November 2, 2026]

Security	Interest Rates
91 – Day Bill	4.6013%
182 – Day Bill	6.2629%
364 – Day Bill	9.6039%

Ahead of this week’s release of consumer price statistics for October, where the market is already bracing up for yet another possible tightening of the inflation rate, the yields on the government’s shorter-dated papers extended their downward trajectory supported by investors’ growing interest in government bills, as Ghana’s primary note and bond markets remain relatively passive. Inflation is expected to have begun the last quarter of the year with a marginal increase despite the Cedi maintaining a strong footing in October. However, pickup in the prices of petroleum products at the pumps coupled with limited supply of some key food items, pushing prices upward will be expected to drive the pressures on consumer price index. Treasury yields in the remaining sessions of the year are likely to remain range-bound with some minimal declines.

The 91-day bill repeated the previous week’s margin of decrease, edging down by a basis point to send its year-to-date dip to 58.61%. It cleared at 4.6013% this week, down from 4.6135% posted last week.

The yield on the 182-day bill, which had lost 2 basis points (bps) last week, weakened further by 3 bps this week. It moved down from 6.2929% posted last week to clear at 6.2629% this week.

For the fourth consecutive time, the 364-day bill fell by the most, edging down by 7 bps this week, adding to last week’s 4 bps drop. It dipped to 9.6039% this week from 9.6739% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6135%	4.6013%	-0.01	-0.26%	-58.61%
182 – Day	6.2929%	6.2629%	-0.03	-0.48%	-50.10%
364 – Day	9.6739%	9.6039%	-0.07	-0.72%	-25.74%

The auction results for Tender 2031 revealed that a significant number of previous holders of the government’s bills rolled over their investments, with some new investors also coming in to participate, allowing the government to meet its target for the sixth time in a row. Bids tendered thus exceeded the target by 4.13%.

A total of GHS 2,547.94 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,447.00 million. The government went ahead to accept 81.43%, 93.39%, and 47.59% of the total GHS 1,510.37 million, GHS 423.74 million, and GHS 613.83 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 3.54 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.21 billion worth of maturing papers due next week.