Treasury Rates [September 8, 2025]

Security	Interest Rates
91 – Day Bill	10.4220%
182 – Day Bill	12.4110%
364 – Day Bill	12.9725%

The recent inflation announcement, which saw the inflation rate record its eighth consecutive dip in August, had a minimal bearing on Treasury yields this week, as rates came in mixed. The 91-day and 182-day bills registered an increase, while that on the 364-day bill extended its weekly losses for the eighth consecutive time. The sharp decline in Treasury rates in most parts of the year, slowing down from a high of 29.33% on average to a low of 11.82% has surpassed the rate of decline in the inflation rate, which has slowed down from 23.8% at the close of last year to 11.5% in August. This phenomenon has caused some level of unease among investors, prompting them to reduce their exposure to the government’s assets.

The 91-day bill rose by 10 basis points (bps) to recover from last week’s 9 bps dip, its second increase in over the last three weeks. It rose from 10.3265% posted last week to clear at 10.4220% this week.

The 182-day bill cleared higher, up by 4 bps to recover sections of previous weeks’ losses. It moved up to 12.4110% this week from 12.3724% posted last week.

The 364-day bill was the lone decliner this week, down by 3 bps to add to last week’s 1 basis point loss. It cleared at 12.9725% this week, down from 12.9985% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.3265%	10.4220%	0.10	0.92%	-63.03%
182 – Day	12.3724%	12.4110%	0.04	0.31%	-57.08%
364 – Day	12.9985%	12.9725%	-0.03	-0.20%	-56.98%

The auction results of Tender 1971 showed that demand picked up steam this week for the first time in five weeks after August’s inflation data hinted at an apparent normalization of the disinflationary path. The government’s target was thus oversubscribed by 15.89%.

A total of GHS 4,389.78 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,788.00 million. The government accepted 99.72%, 98.27%, and 97.34% of the total GHS 3,625.26 million, GHS 576.70 million, and GHS 187.82 million worth of bills tendered for its 91-day, 182-day, and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 8,286 million from 91-day, 182-day, and 364-day bills to meet GHS 8,074 million worth of maturing papers due next week.