Weekly GoG Treasury Bills News Report – Week 13 [March 30, 2026]

Security	Interest Rates
91 – Day Bill	4.8117%
182 – Day Bill	6.6214%
364 – Day Bill	9.7741%

Following the cautious step adopted by the central bank’s Monetary Policy Committee at the conclusion of its March sitting last week, with the committee calming down on its monetary policy easing cycle as the Middle East crisis rages, Treasury bill rates edged up for the second consecutive time as investors began to get jittery over the inflation outlook. The committee recognized the possible spillover effects of the ongoing Middle East crisis and noted that despite the central bank’s latest forecast suggesting that headline inflation will remain within the medium-term target, there is the presence of upside risks to the inflation outlook, which include the likely pass-through of higher crude oil prices and escalating geopolitical tensions. Treasury yields are accordingly expected to continue to be pressured upwards despite Ghana’s inflation outlook appearing to be well anchored over the short-term.

The 91-day bill rose marginally, up by 3 basis points (bps) to add onto last week’s 7 bps increase. It strengthened from 4.7816% posted last week to clear at 4.8117% this week.

The 182-day bill came in as the star performer for the week, up by a whopping 26 bps to build on last week’s 8 bps increase. It rose from 6.3621% registered last week to clear at 6.6214% this week.

The yield on the 364-day bill also saw an increase, up by 19 bps, adding onto last week’s 18 bps. It moved up to 9.7741% this week, up from 9.5828% recorded last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.7816%	4.8117%	0.03	0.63%	-56.72%
182 – Day	6.3621%	6.6214%	0.26	4.08%	-47.24%
364 – Day	9.5828%	9.7741%	0.19	2.00%	-24.42%

The auction results of Tender 2000 revealed that the government, for the second consecutive time, struggled to achieve its intended target as investors adopted a wait-and-see approach, in anticipation of a further elevation of the front end of the yield curve. Accordingly, the government achieved 79.86% of its target amount.

A total of GHS 3,938.59 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,932.00 million. Despite the undersubscription, the government went ahead to accept 86.80%, 86.64%, and 57.46% of the total GHS 2,550.50 million, GHS 762.97 million, and GHS 625.12 million worth of bids tendered for the 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 4.67 billion from 91-day, 182-day, and 364-day bills to meet GHS 2.49 billion worth of maturing papers due next week.