Treasury Rates [July 7, 2025]

Security	Interest Rates
91 – Day Bill	14.5669%
182 – Day Bill	15.0192%
364 – Day Bill	15.1679%

Treasury bill rates responded positively to the recent consumer price statistics released last week where the inflation rate fell by its biggest margin yet in 2025 as gains in the Cedi and a reduction in the prices of petroleum products and transportation costs helped to extend the disinflationary path. The yields on the government’s short-term assets after remaining almost stationary over the past two weeks, fell by a comparatively bigger margin this week following the 500 basis points (bps) drop in June’s inflation reading. Despite the significant drop in the current inflation level, Treasury yields remain well below the inflation rate, as investors in government papers grapple with negative returns on their investments.

The yield on the 91-day bill fell by 13 bps this week after registering a tiny drop last week. It cleared at 14.5669% this week, down from 14.6938% recorded last week.

After remaining nearly stagnant over the past two weeks, the 182-day bill plummeted by 23 bps to widen its year-to-date depreciation to 48.06%. It moved down from 15.2506% posted last week to clear at 15.0192% this week.

The 364-day bill recorded the sharpest decline this week, down by 49 bps to build on last week’s 4 bps drop. It fell to 15.1679% this week from 15.6564% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.6938%	14.5669%	-0.13	-0.86%	-48.33%
182 – Day	15.2506%	15.0192%	-0.23	-1.52%	-48.06%
364 – Day	15.6564%	15.1679%	-0.49	-3.12%	-49.69%

Auction results of tender 1962 revealed that the government failed to realize its intended target for the sixth consecutive time, as some investors wind down their positions in the government’s assets for other high-yielding investment schemes. Accordingly, the government achieved 88.4% of its target.

A total of GHS 2,967.87 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,356.00 million. The government, for the first time in a long while, accepted all bids tendered across the three tenors. A total of GHS 2,028.81 million, GHS 622.79 million, and GHS 316.27 million worth of bids were tendered and subsequently accepted 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 7,525 million from 91-day, 182-day, and 364-day bills to meet GHS 7,260 million worth of maturing papers due next week.