Treasury Rates – Week 41 [October 13, 2025]

Security	Interest Rates
91 – Day Bill	10.5301%
182 – Day Bill	12.3069%
364 – Day Bill	12.8672%

This week, movements in Treasury bill rates came in mixed, shaped by the meeting point of investors continuously bidding for higher yields and expectations of slower inflation numbers. Treasury bill rates have, over the past few months, come in mixed, with demand also exhibiting a choppy trend. This is coming on the back of investors’ uneasiness with the drastic fall in yields as they attempt to diversify their portfolio in search of other high-yielding investment schemes. Treasury yields are expected to remain range-bound, hovering over their current levels as inflation seems well-anchored at its current level.

The 91-day bill was the sole gainer this week, rising up by 6 basis points (bps) to recover from last week’s 3 bps decrease. It rose from 10.4739% posted last week to clear at 10.5301% this week.

The yield on the 182-day bill fell by a similar margin as recorded last week, weakening by 4 bps to extend its year-to-date losses to 57.44%. It cleared at 12.3069% this week, down from 12.3516% posted last week.

The 364-day bill was little changed this week, having lost by 3 bps last week. It moved from 12.8707% last week to clear at 12.3069% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.4739%	10.5301%	0.06	0.54%	-62.65%
182 – Day	12.3516%	12.3069%	-0.04	-0.36%	-57.44%
364 – Day	12.8707%	12.8672%	0.00	-0.03%	-57.32%

The auction results of Tender 1976 revealed that investors rekindled their interest in the government’s assets following the positive news that greeted Ghana’s reaching a staff-level agreement with the IMF. Confidence in the Ghanaian economy soared, as investors sought to increase their exposure to the government’s assets. Accordingly, the government’s target amount was oversubscribed by 23.51%.

A total of GHS 6,507.52 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,269.00 million. The government accepted 99.89%, 83.54%, and 93.36% of the total GHS 5,415.32 million, GHS 941.71 million, and GHS 150.49 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 6,578 million from 91-day, 182-day, and 364-day bills to meet GHS 6,409 million worth of maturing papers due next week.