Weekly GoG Treasury Bills News Report – Week 07 [February 16, 2026]

Security	Interest Rates
91 – Day Bill	8.6095%
182 – Day Bill	10.6788%
364 – Day Bill	11.0620%

The yields on the government’s short-term securities slipped for the third consecutive time this year, albeit by a bigger margin this week, as Treasury rates remained on a strong correction path following the sharp drop in the headline inflation numbers, with the latest consumer price statistics revealing that the inflation rate slumped to a multi-year low to begin 2026 at 3.8%. The crush in Treasury yields so far this year is coming on the back of strong demand for the government’s papers as investors rush in to lock in rates before yields fall any further. A sustained drop in the successive inflation prints amid an economy on a strong recovery path, as well as cuts in the monetary policy rate, have also further supported the recent slump in Treasury rates. It is expected that rates will inch further downwards in the near term before finding a stable level, barring any unforeseen shocks.

The 91-day bill came in as the worst performer for the third consecutive time as it declined by a whopping 1.36 percentage points (pps) to clear at 8.6095% this week, down from 9.9696% posted last week.

The 182-day bill similarly fell by a bigger margin, shedding 1.14 pps this week to build on last week’s 56 basis points (bps) slide. It fell from 11.8165% recorded last week to clear at 10.6788% this week.

The yield on the 364-day bill edged down by 100 bps this week to add onto last week’s 76 bps drop. It cleared at 11.0620% this week from 12.0623% registered last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	9.9696%	8.6095%	-1.36	-13.64%	-22.55%
182 – Day	11.8165%	10.6788%	-1.14	-9.63%	-14.91%
364 – Day	12.0623%	11.0620%	-1.00	-8.29%	-14.47%

The auction results of Tender 1994 revealed a strong expression of interest in the government’s short-term assets, in what appears to be a strong will to force a market correction and to tidy up the yield curve. The government thus recorded an oversubscription, with bids coming in excess of 250% of the intended target amount.

A total of GHS 22,670.26 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,415.00 million. The government went ahead to accept a substantial portion of the bids despite the overwhelming demand. It accepted 44.69%, 28.74%, and 44.95% of the total GHS 7,640.94 million, GHS 7,266.53 million, and GHS 7,762.79 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 9.32 billion from 91-day, 182-day, and 364-day bills to meet GHS 9.13 billion worth of maturing papers due next week.