Treasury Rates [May 12, 2025]

Security	Interest Rates
91 – Day Bill	15.1610%
182 – Day Bill	15.7049%
364 – Day Bill	16.8018%

The recently released consumer prices data, which showed a further dip in the inflation reading to its lowest in eight months, gave support to the downward trend in Treasury yields as the rates on the government’s short-term assets tumbled further this week. According to data released by Ghana’s statistical service, although inflation picked up between March and April, the headline inflation rate posted its biggest dip yet this year as prices of petroleum products continue to see a decline, whilst the local currency also began to recoup some of its earlier losses. It is expected that the ongoing diminishing pressures on consumer prices will continue to fuel a decline in Treasury yields in the short term.

The 91-day bill maintained its calmer rate of decline this week as it went down by 7 basis points (bps) compared to last week’s 9 bps dip. It cleared at 15.1610% this week, down from 15.2333% posted last week.

The yield on the 182-day bill posted a relatively modest dip this week at 7 bps after registering a dip of 26 bps last week. It moved down from 15.7783% posted last week to clear at 15.7049% this week.

After sustaining a sharp decline last week, plummeting by 141 bps, the 364-day bill slowed down its rate of decline this week, coming in with a loss of 16 bps this week. It cleared at 16.8018% this week from 16.9591% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.2333%	15.1610%	-0.07	-0.47%	-46.22%
182 – Day	15.7783%	15.7049%	-0.07	-0.47%	-45.69%
364 – Day	16.9591%	16.8018%	-0.16	-0.93%	-44.28%

Auction results of tender 1954 revealed that the government missed its target for the second consecutive time, as investors explored other investment options to enhance their returns as Treasury yields consistently see a decline. The government’s target was subsequently undersubscribed by 3.15%.

A total of GHS 5,216.36 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,386.00 million. The government accepted all GHS 3,858.16 million, GHS 747.06 million, and GHS 611.14 million worth of bids tendered for the 91-day bill, the 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 6,684.00 million from 91-day, 182-day, and 364-day bills to meet GHS 5,962 million worth of maturing papers due next week.