Treasury Rates [March 3, 2025]

Security	Interest Rates
91 – Day Bill	20.7906%
182 – Day Bill	22.9851%
364 – Day Bill	22.6994%

The yields on the government’s short-term securities sustained their biggest dip yet in 2025 this week as the ongoing persistent drop in rates entered its fifth week. This week’s Treasury performance comes ahead of the announcement of the consumer price index due later in the week, where market watchers will be on the lookout for signs as to how low Treasury rates are likely to drop in the near term. In the medium to long term, investors will be counting on the yet to be presented 2025 budget statement for hints on the future of the yield curve.

The yield on the 91-day bill weakened this week by 369 basis points (bps) to extend its year-to-date decline to 26.25%. It cleared at 20.7906% this week, down from 24.4786% posted last week.

The 182-day bill recorded the modest decline this week as it went down by 240 bps, adding onto last week’s 242 bps loss. It moved down from 25.3874% posted last week to clear at 22.9851% this week.

The 364-day bill sustained the biggest fall this week, down by 460 bps to add to last week’s 177 bps dip. It fell to 22.6994% this week from 27.2996% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	24.4786%	20.7906%	-3.69	-15.07%	-26.25%
182 – Day	25.3874%	22.9851%	-2.40	-9.46%	-20.51%
364 – Day	27.2996%	22.6994%	-4.60	-16.85%	-24.72%

Auction results of tender 1944 revealed that investors exhibited little concern by the seeming sharp decline in real returns as they continued to show strong interest in the government’s short-term securities. Accordingly, the government for the second consecutive time, received more than double of its intended target as the bids were oversubscribed by 181.0% at last Friday’s auction.

A total of GHS 18,248.57 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,493.00 million. The government in turn accepted 38.33%, 91.03%, and 23.11% of the GHS 6,206.07 million, GHS 3,320.48 million, and GHS 8,722.02 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 5,736.00 million from 91-day, 182-day, and 364-day bills to meet GHS 6,926 million worth of maturing papers due next week.