Treasury Rates [June 30, 2025]

Security	Interest Rates
91 – Day Bill	14.6938%
182 – Day Bill	15.2506%
364 – Day Bill	15.6564%

The yields on the government’s short-term papers were little changed this week after posting a similar performance last week, signaling that rates may be stabilizing after undergoing a steep decline over the first five months of the year. Despite the significant drop in Treasury yields with rates slashing down by at least 47.0% on average over the first half of the year, inflation numbers have been widely sticky downwards over the same period, with inflation beginning the year at 23.5% and closing May at 18.4%. Inflation data is due to be released later in the week, where the market is expecting the inflation rate to drop further to support the decline in Treasury rates.

The 91-day bill edged down marginally this week, with its year-to-date loss moving from 47.86% last week to 47.88%. It cleared at 14.6938% this week, down from 14.6976% posted last week.

The yield on the 182-day bill registered a marginal drop from 15.2540% posted last week to clear at 15.2506% this week.

The 364-day bill fell by 4 basis points (bps) this week to build on last week’s 5 bps drop. It moved to 15.6564% this week from 15.6936% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.6976%	14.6938%	0.00	-0.03%	-47.88%
182 – Day	15.2540%	15.2506%	0.00	-0.02%	-47.26%
364 – Day	15.6936%	15.6564%	-0.04	-0.24%	-48.07%

Auction results of tender 1961 showed that the government missed its target yet again this week as investors fled from the government’s assets to other high-yielding assets to enhance their overall returns. The government, thus, for the fifth consecutive time, failed to realize its target with an undersubscription of 5.6% this week.

A total of GHS 3,643.04 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,860.00 million. The government accepted all GHS 2,896.69 million worth of bids tendered for the 91-day bill and accepted 62.56% and 46.92% of the GHS 616.75 million and GHS 129.60 million worth of bids tendered for the 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 3,356 million from 91-day, 182-day, and 364-day bills to meet GHS 2,237 million worth of maturing papers due next week.