GoG Treasury Papers News Report – Week 51 [December 22, 2025]

Security	Interest Rates
91 – Day Bill	11.0887%
182 – Day Bill	12.4358%
364 – Day Bill	12.9132%

Treasury bill rates cleared lower at last Friday’s auctions in consonance with the sustained reduction in the inflation rate and as investors defy the edge for increased consumption before and during the festive season. This week’s dip in Treasury yields is the first simultaneous decline across the three tenors over the past twelve weeks. This is coming on the back of increased participation on the part of investors over the past three weeks despite the steady decline in rates. Although December’s inflation is expected to show a slight upward price pressure following expectations of increased economic activities during the yuletide, the yields on the government’s short-term papers are expected to be range-bound, hovering over their current levels going into the new year.

The 91-day bill edged down by 2 basis points (bps) to trim down portions of last week’s 3 bps increase. It cleared at 11.0887% this week, down from 11.1108% posted last week.

The yield on the 182-day bill posted the biggest decline this week, with a dip of 11 bps, to add to last week’s 1 basis point dip. It moved down from 12.5421% recorded last week to clear at 12.4358% this week.

The 364-day bill failed to maintain the momentum observed last week, when it registered an impressive increase of 27 bps. It fell by 6 bps this week to clear at 12.9132% from 12.9704% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1108%	11.0887%	-0.02	-0.20%	-60.66%
182 – Day	12.5421%	12.4358%	-0.11	-0.85%	-57.00%
364 – Day	12.9704%	12.9132%	-0.06	-0.44%	-57.17%

The auction results of Tender 1986 revealed that investors once again renewed their confidence in the government as they increased their exposures to the government’s assets, as real returns on investment turned positive. The government’s target was subsequently oversubscribed by 47.73%.

A total of GHS 5,601.98 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,792.00 million. The government was relentless in accepting a good number of the bills tendered, as it went ahead to accept 94.09%, 95.77%, and 99.68% of the total GHS 2,389.62 million, GHS 1,458.90 million, and GHS 1,533.96 million worth of bids tendered for its 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 3,306 million from 91-day, 182-day, and 364-day bills to meet GHS 3,216 million worth of maturing papers due next week.