Weekly GoG Treasury Bills News Report – Week 10 [March 9, 2026]

Security	Interest Rates
91 – Day Bill	4.8254%
182 – Day Bill	6.3047%
364 – Day Bill	9.3488%

Treasury bill rates this week concurrently edged down for the sixth consecutive time despite the latest inflation print revealing that the inflation rate recorded its slowest decline over the past six months, signaling an imminent end to the fast pace deceleration of consumer prices. The latest inflation print released last week showed that although the month-on-month inflation rate climbed up from 0.2% in January to 0.8% in February, the headline inflation rate slowed down to 3.3% in February, down from 3.8% in January. Following the reemergence of possible risks to the inflation outlook, largely on the back of the possible escalation of crude oil prices as the Middle East crisis spurs on, coupled with the consumer price seemingly hitting its trough, it is unlikely that Treasury yields will post any major decline in the near term.

The yield on the 91-day bill declined by 50 basis points to send its year-to-date depreciation to 56.59%. It cleared at 5.3237%, down from 4.8254% posted the previous week.

The 182-day bill sustained the biggest dip this week, down by 67 bps to build on last week’s 120 bps drop. It fell from 6.9775% posted last week to clear at 6.3047% this week.

The 364-day bill recorded the least drop, down by 41 bps this week, to add onto last week’s 44 bps drop. It slowed down to clear at 9.3488% this week, down from 9.7621% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.3237%	4.8254%	-0.50	-9.36%	-56.59%
182 – Day	6.9775%	6.3047%	-0.67	-9.64%	-49.77%
364 – Day	9.7621%	9.3488%	-0.41	-4.23%	-27.71%

The auction results of Tender 1997 showed yet another strong interest in the government’s short-term securities as investors renewed their confidence in the domestic economy, committing more funds now as against a probable climb in near-future interest rates. The government’s target amount was thus oversubscribed by 89.53%.

A total of GHS 10,763.59 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. The government, consequently, went ahead to accept 66.61%, 48.39%, and 47.84% of the total GHS 5,211.36 million, GHS 1,955.90 million, and GHS 3,596.33 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 8.13 billion from 91-day, 182-day, and 364-day bills to meet GHS 8.03 billion worth of maturing papers due next week.