GoG Treasury Papers News – Week 45 [November 10, 2025]

Security	Interest Rates
91 – Day Bill	10.9277%
182 – Day Bill	12.6114%
364 – Day Bill	13.0184%

Treasury bill rates rose concurrently at this week’s issuance, defying the latest inflation print, which showed a further slower growth in the consumer price index. Inflation print for October was reported at 8.0%, the least in more than four years, down from 9.4% in the previous month. The drop in the inflation reading at the start of the final quarter of the year was supported by the local currency’s strong pickup in October amid a reduction in the prices of petroleum products and as a glut in some staples began to push down the prices of some local produce. Treasury yields have, however, in recent times begun to mount resistance, with yields seen forcefully pushing upwards despite the persistent decline in inflation readings. Treasury yields are expected to continuously post moderate increases as investors flee from the government’s assets in search of high-yielding investment options.

The 91-day bill continued its strong recovery, coming in with an increase of 11 basis points (bps) to add to last week’s 14 bps increase. It cleared at 10.9277% this week, up from 10.8158% posted last week.

The 182-day bill posted a bigger margin of increase this week, edging up by 11 bps to build on last week’s modest 3 bps increase. It rose from 12.4970% posted last week to clear at 12.6114% this week.

The 364-day bill this week, registered the same margin of increase posted last week, rising by 7 bps to clear at 13.0184% this week from 12.9517% recorded last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.8158%	10.9277%	0.11	1.03%	-61.24%
182 – Day	12.4970%	12.6114%	0.11	0.92%	-56.39%
364 – Day	12.9517%	13.0184%	0.07	0.51%	-56.82%

The auction results of Tender 1980 revealed that investors continued their desertion of government assets, with the latest auction’s trend driven by the apparent slump in the headline inflation print. For the fourth consecutive time, the government failed to achieve its target as it could only realize 66.0% of its intended target at last Friday’s auction.

A total of GHS 4,511.37 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,835.00 million. The government, however, accepted 99.86%, 99.19%, and 98.88% of the total GHS 3,611.25 million, GHS 617.63 million, and GHS 282.49 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 5,679 million from 91-day, 182-day, and 364-day bills to meet GHS 3,121 million worth of maturing papers due next week.