Treasury Rates [August 11, 2025]

Security	Interest Rates
91 – Day Bill	10.2009%
182 – Day Bill	12.2540%
364 – Day Bill	13.1022%

The yields on the government’s short-term papers resumed their downward trajectory in consonance with the recent consumer price index announcement, which showed that headline inflation remained on its disinflationary path despite an uptick in the month-on-month inflation reading between June and July. The latest inflation print released last week revealed that inflation dipped yet again to begin the second half of the year at 12.1%, its lowest since September 2021, further supporting the sustained decline in Treasury rates. Treasury yields are expected to normalize in the near term as the gap between inflation and interest gradually narrows.

After undergoing a much bigger rate of decline last week, with a drop by 54 basis points (bps), the 91-day bill this week recorded the least decline, down by 9 bps to clear at 10.2009% from 10.2949% last week.

The yield on the 182-day bill also saw a decline this week, down by 11 bps to build on last week’s 87 bps drop. It moved down from 12.3594% posted last week to clear at 12.2540% this week.

The 364-day bill upturned its last week’s short-lived recovery as it dipped by 14 bps this week to wipe out last week’s 2 bps gain. It weakened from 13.2465% posted last week to clear at 13.1022% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.2949%	10.2009%	-0.09	-0.91%	-63.81%
182 – Day	12.3594%	12.2540%	-0.11	-0.85%	-57.62%
364 – Day	13.2465%	13.1022%	-0.14	-1.09%	-56.55%

Auction results of tender 1967 showed that after a series of strong demands over the past three weeks, investors toned down their exposures to the government’s short-term assets on the back of expectations of lower inflation numbers in the remainder of the year. Accordingly, the government struggled to achieve its target, as the target for the week was undersubscribed by 19.77%.

A total of GHS 6,890.52 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 8,588.00 million. The government, however, accepted 99.40%, 90.17%, and 92.31% of the total GHS 5,027.29 million, GHS 1,372.82 million, and GHS 490.41 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 4,242 million from 91-day, 182-day, and 364-day bills to meet GHS 3,835 million worth of maturing papers due next week, as well as to provision for the upcoming interest payment on the DDEP bonds.