Treasury Rates [May 26, 2025]

Security	Interest Rates
91 – Day Bill	14.9287%
182 – Day Bill	15.5515%
364 – Day Bill	16.0012%

Ahead of the announcement of the monetary policy rate, where the market is expecting the central bank to remain glued to its renewed tougher stance against inflation, Treasury bill rates extended their downward streak this week as they fell to their lowest in more than three years. The monetary policy committee at its March sitting hiked the policy rate in a bid to tighten efforts to achieve price stability as the inflation rate continues to hover above 20.0% despite key determinants pointing in the right direction. It is expected that the rates on the government’s short-term papers will continue to trend lower in the near term and gradually stabilize in the medium term.

The 91-day bill fell by 18 basis points (bps) this week, adding onto last week’s 5 bps drop. It fell below 15.0% to clear at 14.9287% this week, down from 15.1087% posted last week.

The yield on the 182-day bill edged down by 13 bps this week after nursing a loss of 2 bps last week. It dropped from 15.6810% posted last week to clear at 15.5515% this week.

The 364-day bill registered the biggest decline this week, down by 79 bps after posting a tiny drop last week. It moved down from 16.7872% posted last week to clear at 16.0012% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	15.1087%	14.9287%	-0.18	-1.19%	-47.04%
182 – Day	15.6810%	15.5515%	-0.13	-0.83%	-46.22%
364 – Day	16.7872%	16.0012%	-0.79	-4.68%	-46.93%

Auction results of tender 1956 revealed that after three weeks of failing to realize its target, the government achieved its target this week, despite rates registering a bigger margin of decrease this week compared to last week. Investors took solace in the strengthening of the Ghana Cedi to once again renew their confidence in the government’s assets. Accordingly, the government’s target was oversubscribed by 17.84%.

A total of GHS 6,538.91 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,549.00 million. The government accepted all GHS 890.81 million worth of bids tendered for the 182-day bill, but accepted 92.41% and 72.45% of the total GHS 4,958.32 million and GHS 689.78 million worth of bids tendered for the 91-day bill 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 3,890.00 million from 91-day, 182-day, and 364-day bills to meet GHS 3,250 million worth of maturing papers due next week.