GoG Treasury Papers News – Week 46 [November 17, 2025]

Security	Interest Rates
91 – Day Bill	11.0275%
182 – Day Bill	12.6606%
364 – Day Bill	13.0817%

The yields on the government’s short-term securities rose simultaneously for the third consecutive time at this week’s issuance as investors continued to ask for higher returns on their investments despite the ongoing disinflationary path. The week’s Treasury performance comes after the presentation of the 2026 budget statement to Ghana’s parliament, where the government is expected to raise GHS 268.1 billion in revenue in 2026, up from the GHS 226.5 billion target for 2025. On the expenditure side, the government will be expected to spend GHS 302.5 billion in 2026, an increase from the 2025-year target of GHS 251.7 billion. Treasury bill rates are expected to continue to post a marginal increase in the near to medium-term as investors’ actions mount upward pressures on yields.

For the third consecutive time, the 91-day bill came in as the star performer for the week, edging up by 10 basis points (bps) this week to add to last week’s 11 bps increase. It rose from 10.9277% registered last week to clear at 11.0275% this week.

The yield on the 182-day bill rose at a much slower pace this week at 5 bps, failing to match last week’s 11 bps surge. It cleared at 12.6606% this week, up from 12.6114% posted last week.

The 364-day bill edged up by 6 bps this week to build on last week’s 7 bps increase. It rose from 13.0817% posted last week to clear at 13.0817% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.9277%	11.0275%	0.10	0.91%	-60.88%
182 – Day	12.6114%	12.6606%	0.05	0.39%	-56.22%
364 – Day	13.0184%	13.0817%	0.06	0.49%	-56.61%

The auction results of Tender 1981 showed that investors maintained their lack of enthusiasm for the government’s assets as they continued to diversify into high-yielding investment vehicles. Accordingly, the government missed its target for the fifth consecutive time, achieving 69.54% of its target at last Friday’s auctions.

A total of GHS 3,949.26 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,679.00 million. Despite the low expression of interest by investors, the government went ahead to accept 96.49%, 99.18%, and 98.83% of the total GHS 3,078.86 million, GHS 613.27 million, and GHS 257.13 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 6,723 million from 91-day, 182-day, and 364-day bills to meet GHS 6,245 million worth of maturing papers due next week.