GoG Treasury Papers News – Week 44 [November 3, 2025]

Security	Interest Rates
91 – Day Bill	10.8158%
182 – Day Bill	12.4970%
364 – Day Bill	12.9517%

Ahead of the release of consumer price statistics for October later in the week, Treasury bill rates edged up this week despite growing expectations that the inflation rate will inch further downwards. Inflation in 2025 has seen a drastic fall from a high of 23.8% in January to print at 9.4% in September as the economy gets back on track, having undergone a turbulent time post-COVID. October’s inflation data is expected to show a further decline from the September reading on the back of the Cedi’s renewed traction and a subsequent decline in the prices of petroleum products. The ongoing disinflationary path has forced a downsizing of Treasury rates in most parts of the year. Treasury yields in recent times have, however, faced resistance as investors flee the Treasury bill market in search of high-yielding investment schemes. This phenomenon is expected to continue to mount an upside pressure on Treasury rates in the remainder of the year.

The 91-day bill came in as the star performer for the week, edging up by 14 basis points (bps) after having shed 2 bps last week. It cleared at 10.8158% this week, up from 10.6747% posted last week.

The yield on the 182-day bill recorded the slowest gain, up by 3 bps to build on last week’s 3 bps increase. It rose from 12.4683% posted last week to clear at 12.4970% this week.

After having sustained a 4 bps drop last week, the 364-day bill rose this week by 7 bps to recover sections of its previous losses. It strengthened to 12.9517% this week from 12.8778% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.6747%	10.8158%	0.14	1.32%	-61.63%
182 – Day	12.4683%	12.4970%	0.03	0.23%	-56.78%
364 – Day	12.8778%	12.9517%	0.07	0.57%	-57.04%

The auction results of Tender 1979 showed that for the third consecutive time, investors deserted the government’s papers as they continued to trim their exposures to the government’s short-term papers. Consequently, the government’s target was undersubscribed by 13.31%.

A total of GHS 4,619.71 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,824 million. The government, for the second consecutive time, was forced to accept all GHS 3,742.89 million, GHS 567.46 million, and GHS 309.36 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 6,835 million from 91-day, 182-day, and 364-day bills to meet GHS 5,902 million worth of maturing papers due next week.