Treasury Rates [April 28, 2025]

Security	Interest Rates
91 – Day Bill	15.3209%
182 – Day Bill	16.0380%
364 – Day Bill	18.3705%

Treasury bill rates closed the month of April weaker as the ongoing downward trajectory in yields entered into the thirteenth week. Treasury yields have, over the past four months, fallen by over 40.0% on average despite inflation ticking lower at a much slower pace, currently down by 1.4% in the first three months of the year. April’s inflation reading is not expected to register any major drop as gains from the Cedi’s stability amid a slowdown in the prices of petroleum products at the pump are anticipated to be pared by increases in the prices of key foodstuffs.

The 91-day bill, after holding steady last week, posting a tiny loss, registered a 13 basis points (bps) drop this week to send its year-to-date losses to 45.65%. It fell to 15.3209% this week from 15.4522% posted last week.

The yield on the 182-day bill fell by 15 bps this week to build on last week’s 3 bps loss. It fell from 16.1836% posted last week to clear at 16.0380% this week.

The 364-day bill fell by the most this week, down by 25 bps to add onto last week’s 3 bps drop. It plunged to 18.3705% this week, down from 18.6206% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.4522%	15.3209%	-0.13	-0.85%	-45.65%
182 – Day	16.1836%	16.0380%	-0.15	-0.90%	-44.54%
364 – Day	18.6206%	18.3705%	-0.25	-1.34%	-39.07%

Auction results of tender 1952 revealed that once again, investors renewed their confidence in the government as they thronged to the government’s short-term assets after weeks of sluggish performance. Consequently, the government met its target as bids came in excess of 18.23% of the government’s target.

A total of GHS 7,265.72 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,145.00 million. The government accepted 97.93%, 82.58%, and 50.62% of the total GHS 5,320.92 million, GHS 1,563.54 million, and GHS 381.26 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 6,323.00 million from 91-day, 182-day, and 364-day bills to meet GHS 6,089 million worth of maturing papers due next week.