Treasury Rates [July 14, 2025]

Security	Interest Rates
91 – Day Bill	14.6596%
182 – Day Bill	15.0289%
364 – Day Bill	15.4192%

The yields on the government’s short-term assets climbed up for the very first time in nearly six months as the government attempts to respond to investors fleeing the government’s assets following the worsening of real returns on Treasury assets. Treasury bill rates have been on a sharp declining trajectory since the first week in February, buoyed by optimism that met the new government and the new government’s subsequent resolve to slash down on its interest burden. However, over the past few weeks, investors have responded negatively to the sustained fall in rates, reducing their exposures to the government’s assets, resulting in a series of undersubscriptions over the past six weeks. The upcoming policy rate announcement will further shape the future direction of Treasury rates in the near to medium term.

The 91-day bill edged up by 9 basis points (bps) this week to recover sections of last week’s 13 bps dip. It cleared at 14.6596% this week, up from 14.5669% posted last week.

The yield on the 182-day bill climbed up marginally with a basis point increase from a decrease by 23 bps posted last week. It moved up from 15.0192% posted last week to clear at 15.0289% this week.

The 364-day bill came in as the star performer for the week, up by 25 bps to recoup parts of last week’s 49bps drop. It strengthened to 15.4192% this week from 15.1679% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.5669%	14.6596%	0.09	0.64%	-48.00%
182 – Day	15.0192%	15.0289%	0.01	0.06%	-48.03%
364 – Day	15.1679%	15.4192%	0.25	1.66%	-48.86%

Auction results of tender 1963 showed that investors continued to exercise restraint towards overexposing themselves to the government’s assets, as they sat on the fence again this week, as the decline in inflation fails to match up to the sharp fall in rates. Consequently, the government missed its target for the seventh consecutive time this week, achieving 81.41% of its intended target.

A total of GHS 6,126.41 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s ambitious target amount of GHS 7,525.00 million. The government accepted 97.93%, 98.68% and 6.31% of the total GHS 3,710.35 million, GHS 814.85 million, and GHS 1,601.21 million worth of bills 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 5,436 million from 91-day, 182-day, and 364-day bills to meet GHS 5,244 million worth of maturing papers due next week.