Weekly GoG Treasury Bills News Report – Week 43 [October 26, 2026]

Security	Interest Rates
91 – Day Bill	4.6135%
182 – Day Bill	6.2929%
364 – Day Bill	9.6739%

Short-term Treasury yields resumed their synchronized decline this week after posting mixed results last week, with the 91-day and 182-day bills recording their first increases in over two months, while the 364-day bill entered its tenth consecutive slowdown. This came on the back of recent inflation readings that showed a sustained pickup, as well as signs of investor sluggishness toward the government’s short-term papers. However, expectations of higher future inflation numbers, coupled with lingering inflation pressures, failed to reinforce the path of short-term yields, as Treasury rates took a downturn this week, with the government remaining committed to its strong-willed efforts to reduce its interest costs. Treasury yields are expected to remain range-bound, with minimal movements in either direction over the short to medium term.

The yield on the 91-day bill dipped marginally by a basis point to erase a part of the previous week’s 2 basis points (bps) increase. It cleared at 4.6135% this week, down from 4.6235% posted last week.

The 182-day bill also edged down by 2 bps to trim down sections of last week’s 4 bps increase. It fell from 6.3154% registered last week to clear at 6.2929% this week.

The 364-day bill tumbled by the same margin of decrease suffered last week, down by 4 bps. It moved from 9.7135% posted last week to clear at 9.6739% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.6235%	4.6135%	-0.01	-0.22%	-58.50%
182 – Day	6.3154%	6.2929%	-0.02	-0.36%	-49.86%
364 – Day	9.7135%	9.6739%	-0.04	-0.41%	-25.20%

The auction results for Tender 2030 showed that demand for the government’s short-term securities improved this week in relation to last week, giving room for the government to continue its rate reduction strategy. The government’s target amount was oversubscribed by 12.34% this week, an improvement over last week’s lackluster demand with 3.07 oversubscription.

A total of GHS 4,266.60 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,798.00 million. The government, once again in a bid to reduce its interest burdens, went ahead to take a fraction of the bids tendered, accepting 89.23%, 78.88%, and 873.69% of the total GHS 2,859.63 million, GHS 533.28 million, and GHS 873.69 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 2.45 billion from 91-day, 182-day, and 364-day bills to meet GHS 2.05 billion worth of maturing papers due next week.