Weekly GoG Treasury Bills News Report – Week 17 [April 27, 2026]

Security	Interest Rates
91 – Day Bill	4.9244%
182 – Day Bill	6.9630%
364 – Day Bill	10.1239%

This week, Treasury bill rates came in mixed for the first time in six weeks, as the 182-day bill extended its upward trajectory, whilst the 91-day and 364-day bills declined. This week’s Treasury performance is in line with expectations as yields continued to be battered with improving macroeconomic conditions at home and deteriorating investor confidence in emerging and developing markets following the ongoing Middle East crisis. Next week’s inflation data release will be expected to signal the direction of future rates. Inflation in March saw the slowest decline in more than six months, as the passthrough effect of the Middle East crisis began to bite, with expectations growing of higher inflation numbers in the near term.

The yield on the 91-day bill declined by 2 basis points (bps), slowing down from last week’s 4 bps increase. It fell from 4.9480% posted last week to clear at 4.9244% this week.

The 182-day bill was the sole gainer for the week, rising up by 5 bps to add onto last week’s 13 bps increase. It rose from 6.9099% registered last week to clear at 6.9630% this week.

The 364-day bill was little changed this week, failing to build on last week’s impressive 15 bps increase. It declined marginally from 10.1283% recorded last week to clear at 10.1239% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9480%	4.9244%	-0.02	-0.48%	-55.70%
182 – Day	6.9099%	6.9630%	0.05	0.77%	-44.52%
364 – Day	10.1283%	10.1239%	0.00	-0.04%	-21.72%

The auction results of Tender 2004 showed that, yet again, the government struggled to meet its target, as investors continued to sit on the fence and reassessed the inflation outlook amid expectations of higher inflation numbers. The government subsequently achieved 99.08% of its target at last Friday’s auction.

A total of GHS 4,433.95 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,475.00 million. The government continued to show reluctance in accepting all bids tendered despite the undersubscription, as it went ahead to accept 98.33%, 92.58%, and 54.42% of the total GHS 2,756.23 million, GHS 717.64 million, and GHS 960.08 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 4.42 billion worth of maturing papers due next week.