Treasury Rates [August 4, 2025]

Security	Interest Rates
91 – Day Bill	10.2949%
182 – Day Bill	12.3594%
364 – Day Bill	13.2465%

Treasury bill rates posted a mixed reaction to the historic reduction in the policy rate by the Bank of Ghana’s monetary policy committee last week, as the market’s general sentiment depicted an overly delayed rate cut. The central bank at its July sitting lowered the policy rate by 300 basis points (bps), slashing the rates from its 28.0% level to 25.0%, whilst leaving room for additional cuts, should the ongoing disinflation trend persist. This week’s Treasury performance, however, showed calm restoring to the market after the last two auctions were met with investors swarming the government’s assets before rates declined any further.

The yield on the 91-day suffered a 54 bps drop this week to add to last week’s 289 bps crush. It lowered to 10.2949% this week from 10.8387% posted last week.

The 182-day bill came as the worst performer this week, down by 87 bps, having already declined by 139 bps last week. It cleared at 13.3594% this week, down from 13.2279% posted last week.

The 364-day bill was the lone gainer at last Friday’s auction, edging up marginally by 2 bps to recover some part of last week’s losses. It moved up from 13.2279% posted last week to clear at 13.2465% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.8387%	10.2949%	-0.54%	-5.02%	-63.48%
182 – Day	13.2279%	12.3594%	-0.87%	-6.57%	-57.26%
364 – Day	13.2279%	13.2465%	0.02%	0.14%	-56.07%

Auction results of tender 1966 revealed that despite the persistent drop in Treasury yields, investors maintained their strong taste for the government’s assets as they once again increased their exposures to the government’s short-term assets. Accordingly, the government’s target was oversubscribed by 75.86%.

A total of GHS 6,791.85 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,862.00 million. The government, however, accepted 88.87%, 71.21%, and 44.34% of the total GHS 4,861.07 million, GHS 1,156.13 million, and GHS 774.65 million worth of bills 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 8,588 million from 91-day, 182-day, and 364-day bills to meet GHS 4,855 million worth of maturing papers due next week.