Treasury Rates [September 29, 2025]

Security	Interest Rates
91 – Day Bill	10.5048%
182 – Day Bill	12.3922%
364 – Day Bill	12.8994%

Treasury bill rates ticked higher this week across the three tenors, buoyed by investors’ quest to reduce their overall exposures to the low returns currently being earned from the government’s short-term papers. The slump in fixed income securities with Treasury bills at the center stage has resultantly driven investors into equities and other alternative investment vehicles. Consumer price statistics for September is due early next month, where market watchers are expecting that the inflation rate will show its slowest decline yet in 2025. The performance of Treasury bills in September gives a hint that the yields on the government’s short-term papers may be nearing their normalization level soon.

The 91-day bill came in as the star performer for the week, up by 5 basis points to recoup sections of last week’s 7 bps dip. It cleared at 10.5048% this week, up from 10.4575% posted last week.

The yield on the 182-day bill also registered an increase, edging up by 3 bps this week, after having lost by 8 bps last week. It rose from 12.3610% posted last week to clear at 12.3922% this week.

The 364-day bill recorded its first increase over the past twelve weeks this week, up by 2 bps. It moved up from 12.8825% posted last week to clear at 12.8994% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.4575%	10.5048%	0.05	0.45%	-62.74%
182 – Day	12.3610%	12.3922%	0.03	0.25%	-57.15%
364 – Day	12.8825%	12.8994%	0.02	0.13%	-57.22%

The auction results of Tender 1974 revealed that investors sat on the fence this week, as they showed little interest in the government’s assets. This comes despite the government meeting close to 15.0% of its target last week. The government’s target, however, was slashed this week, with the government achieving just 62.27% of its intended target amount.

A total of GHS 3,486.35 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,581.00 million. The government went ahead to accept 99.62%, 98.54%, and 97.49% of the total GHS 2,661.07 million, GHS 705.71 million, and GHS 119.57 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 5,581 million from 91-day, 182-day, and 364-day bills to meet GHS 2,230 million worth of maturing papers due next week.