Treasury Rates [September 1, 2025]

Security	Interest Rates
91 – Day Bill	10.3265%
182 – Day Bill	12.3724%
364 – Day Bill	12.9985%

The yields on the government’s short-term papers resumed their downward streak this week after posting a mixed performance last week, which saw the 91-day and 182-day bills record their first increase over the past six weeks. This week’s Treasury performance comes despite investors’ decision to boycott the government’s short-term securities over concerns of a protracted negative real returns. The upcoming consumer prices data due later in the week will be expected to give a clearer direction to the future direction of Treasury yields as well as to shape investor interests.

The yield on the 91-day bill lost by 9 basis points (bps) this week to erase sections of last week’s unexpected 28 bps gain. It cleared at 10.3265% this week, down from 10.4197% posted last week.

The 182-day bill was little changed this week with a decline of 1 basis point, having edged up by 16 bps last week. It fell from 12.3861% posted last week to clear at 12.3724% this week.

The 364-day bill extended its decline for the seventh consecutive time, slowing down by a basis point to add to last week’s 8 bps dip. It cleared at 12.9985% this week from 13.0043% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.4197%	10.3265%	-0.09	-0.89%	-63.37%
182 – Day	12.3861%	12.3724%	-0.01	-0.11%	-57.21%
364 – Day	13.0043%	12.9985%	-0.01	-0.04%	-56.89%

The auction results of Tender 1970 revealed that the government failed to realize its target for the fourth consecutive time as investors implicitly stayed away from the government’s bills in search of alternative investment schemes with good returns. Consequently, the government’s target was undersubscribed by 47.69% this week.

A total of GHS 3,516.92 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,723.00 million. The government accepted 98.05%, 98.67%, and 60.58% of the total GHS 2,053.62 million, GHS 1,142.24 million, and GHS 321.06 million worth of bills tendered for its 91-day, 182-day, and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 3,788 million from 91-day, 182-day, and 364-day bills to meet GHS 3,692 million worth of maturing papers due next week.