Weekly GoG Treasury Bills News Report – Week 05 [February 2, 2026]

Security	Interest Rates
91 – Day Bill	10.8260%
182 – Day Bill	12.3806%
364 – Day Bill	12.8235%

In consonance with last week’s monetary policy rate cut, Treasury bill rates edged down for the first time in six weeks, sustaining large declines that pushed their year-to-date performance into the negative. Last week, the central bank’s Monetary Policy Committee (MPC) voted, by a majority, to lower the prime rate by 2.5 percentage points from the prevailing 18.0% to 15.5%. The decision was largely based on the committee’s assessment that the latest forecast and six-months-ahead survey-based inflation expectations indicate that headline inflation is broadly expected to be within the medium-term target, barring spillover risks from upward adjustments in utility prices and commodity market volatility. In line with our expectation that the direction of the monetary policy rate decision would sway other rates, yields on the government’s short-term papers followed, dipping by comparatively larger margins.

The 91-day bill posted the biggest fall, down by 37 basis points (bps) to clear at 10.8260% this week, down from 11.1968% recorded last week.

The yield on the 182-day bill also tumbled, down by 28 bps to erase the previous week’s gains. It tumbled from 12.6656% posted last week to clear at 12.3806% this week.

The 364-day bill, having recorded a gain of 8 bps last week, failed to maintain the momentum as it plunged by 24 bps this week. It dropped from 13.0650% registered last week to clear at 12.8235% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1968%	10.8260%	-0.37	-3.31%	-2.62%
182 – Day	12.6656%	12.3806%	-0.28	-2.25%	-1.35%
364 – Day	13.0650%	12.8235%	-0.24	-1.85%	-0.85%

The auction results of Tender 1992 revealed that investors ignored the growing fears of declining yields as they chose to focus on the strong macroeconomic indicators as released by the central bank at the conclusion of its MPC meeting. Consequently, the government’s target amount was oversubscribed by 144.48%.

A total of GHS 17,106.06 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. Despite the massive oversubscription, the government went ahead to accept more than its intended target, accepting 47.14%, 76.26%, and 91.27% of the total GHS 5,909.83 million, GHS 4654.38 million, and GHS 6,541.85 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 4.98 billion from 91-day, 182-day, and 364-day bills to meet GHS 4.84 billion worth of maturing papers due next week, as well as to create buffers for the DDEP coupon payments due later in the month.