Weekly GoG Treasury Bills News Report – Week 11 [March 16, 2026]

Security	Interest Rates
91 – Day Bill	4.7100%
182 – Day Bill	6.2833%
364 – Day Bill	9.4061%

After weeks of embarking on a steady and sharp declining trajectory, Treasury bill rates came in mixed at this week’s issuance as the 91-day and the 182-day bills posted their slowest decreases since the start of the downward trend, whilst the 364-day bill recorded its first rise in seven weeks. This week’s Treasury performance comes on the back of recent developments shaping investors’ perception of future interest rates, including the recent inflation release, which showed that the inflation rate may have reached its trough. Others include the emergence possible risks to the inflation outlook as the price of crude oil is set to see an increase, and the fast thinning out of investors’ real returns. Treasury rates over the near to short-term are expected to be pressured to maintain a stable course with some upward pressures.

The 91-day bill declined by 12 basis points (bps) to build last week’s 50 bps drop, extending its year-to-date losses to 57.63%. It cleared at 4.7100% this week, down from 4.8254% posted the previous week.

The yield on the 182-day bill fell by only 2 bps, having suffered a 67-bps drop the previous week. It moved down from 6.3047% posted last week to clear at 6.2833% this week.

The 364-day bill was the sole gainer for the week, up by 6 bps to trim sections of the previous weeks’ 3.72 percentage points losses. It cleared at 9.4061 this week, up from 9.3488% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.8254%	4.7100%	-0.12	-2.39%	-57.63%
182 – Day	6.3047%	6.2833%	-0.02	-0.34%	-49.94%
364 – Day	9.3488%	9.4061%	0.06	0.61%	-27.27%

The auction results of Tender 1998 revealed that although the government’s short-term assets continue to be in demand, investors this week showed some level of restraint, unlike the previous weeks, as they sought to lay back to reassess unfolding global developments and their impact on the domestic economy. Consequently, the government’s target amount was oversubscribed by only 7.45%.

A total of GHS 8,737.11 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 8,131.00 million. The government went ahead to accept less than its target, taking 95.63%, 79.19%, and 90.66% of the total GHS 6,151.11 million, GHS 2,056.54 million, and GHS 529.46 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 5.00 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.40 billion worth of maturing papers due next week.