Weekly GoG Treasury Bills News Report – Week 42 [October 19, 2026]

Security	Interest Rates
91 – Day Bill	4.6235%
182 – Day Bill	6.3154%
364 – Day Bill	9.7135%

The yields on the government’s short-term papers cleared mixed this week across the three tenors after nearly ten weeks of embarking on a declining trajectory despite inflation over the period unwinding its disinflationary path. This week’s Treasury performance, however, appears to show rates beginning to adjust to the recent inflation print, as the inflation rate rose for the second consecutive time to a three-month high in September. Treasury rates in the final quarter of the year are expected to face some upward movements, with rates likely to see measured declines and some bit of increases. This follows the emergence and persistence of risks to the inflation outlook and as some investors begin to increase their consumption as the festive season draws near.

The 91-day bill ended eleven weeks of declining trajectory this week as it rose by 2 basis points (bps) to lower its year-to-date declines to 58.41%. It cleared at 4.6235% this week, up from 4.6042% posted last week.

The 182-day bill came in as the star performer for the week, edging up by 4 bps to recover from last week’s same-point decline. It moved up from 6.2791% cleared last week to 6.3154% this week.

The yield on the 364-day bill extended its weekly declines to a tenth straight week, dipping 4 bps. It fell from 9.7523% recorded last week to clear at 9.7135% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6042%	4.6235%	0.02	0.42%	-58.41%
182 – Day	6.2791%	6.3154%	0.04	0.58%	-49.68%
364 – Day	9.7523%	9.7135%	-0.04	-0.40%	-24.89%

The auction results for Tender 2029 revealed that the government scarcely realized its target at last Friday’s auction, as consumer expenditures and spending began to compete for investible funds. The government’s target amount was subsequently oversubscribed by 3.07%.

A total of GHS 5,173.10 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,019.00 million. The government, once again in a bid to reduce its interest burdens, went ahead to take a fraction of the bids tendered, accepting 74.80%, 6.24%, and 52.52% of the total GHS 2,944.54 million, GHS 1,109.84 million, and GHS 1,118.72 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 3.80 billion from 91-day, 182-day, and 364-day bills to meet GHS 6.75 billion worth of maturing papers due next week.