Treasury Rates [October 20, 2025]

Security	Interest Rates
91 – Day Bill	10.6976%
182 – Day Bill	12.4385%
364 – Day Bill	12.9224%

Treasury bill rates climbed up this week across the three tenors as investors remain relentless in their quest to demand for reasonable returns. The yields on the government’s short-term papers in October have been widely unresponsive to the slowing increase in the consumer price index after the inflation rate fell into the single digit in September. The week’s Treasury performance also comes amidst an impressive recovery of the Cedi, which is expected to feed into subsequent inflation readings, as expectations of slower inflation numbers soar. This notwithstanding, Treasury rates are expected to remain range-bound on the back of a well-anchored inflation outlook.

This week, the 91-day bill came in as the star performer for the week, soaring up by 17 basis points (bps), to build on last week’s 6 bps increase. It rose from 10.5301% posted last week to clear at 10.6976% this week.

The 182-day bill posted its biggest week-on-week increase yet in eight weeks, up by 13 bps to recover sections of previous weeks losses. It strengthened from 12.3069% posted last week to clear at 12.4385% this week.

The yield on the 364-day bill similarly recorded an increase, up by 6 bps this week after it was little changed last week. It surged to 12.9224% this week from 12.8672% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.5301%	10.6976%	0.17	1.59%	-62.05%
182 – Day	12.3069%	12.4385%	0.13	1.07%	-56.99%
364 – Day	12.8672%	12.9224%	0.06	0.43%	-57.14%

The auction results of Tender 1977 showed a record disinterest in the government’s short-term papers as investors continue to unwind their holdings in Treasury securities. Consequently, the government failed to realize its target as it suffered one of its most drastic rejections, having realized 44.49% of its intended target amount this week.

A total of GHS 2,926.49 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,578.00 million. The government accepted 99.76%, 99.29%, and 80.62% of the total GHS 2,085.30 million, GHS 704.66 million, and GHS 136.53 million worth of bids tendered 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 6,824 million from 91-day, 182-day, and 364-day bills to meet GHS 6,646 million worth of maturing papers due next week.