Treasury Rates [August 18, 2025]

Security	Interest Rates
91 – Day Bill	10.1374%
182 – Day Bill	12.2302%
364 – Day Bill	13.0865%

The government’s hope of reducing its overall interest cost burden on its domestic and foreign debt instruments remained on course as Treasury rates maintained their downward streak for the fifth consecutive time this week after a short reprieve in mid-July. Treasury bill rates fell this week, albeit with a modest decline this week to add to last week’s dip as the yield on the 91-day bill looked set to fall in the single digits earlier than expected. It is expected that the recent policy rate cut, coupled with hints of additional rate cuts in the next sitting of the monetary policy committee and expectations of lower inflation numbers, will continue to mount downward pressures on Treasury yields in the medium term, although the pace of decline is expected to slow down.

The 91-day bill fell by the most this week, edging down by 6 basis points (bps) to add to last week’s 9 bps dip. It moved down to 10.1374% this week, down from 10.2009% posted last week.

The yield on the 182-day bill also shed 2 bps this week to build on last week’s 11 bps loss. It cleared at 12.2302% this week from 12.2540% posted last week.

After registering the biggest decline last week with a 14 bps drop, the 364-day bill posted a moderate decline with a 2 bps drop this week. It fell from 13.1022% posted last week to clear at 13.0865% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.2009%	10.1374%	-0.06	-0.62%	-64.04%
182 – Day	12.2540%	12.2302%	-0.02	-0.19%	-57.71%
364 – Day	13.1022%	13.0865%	-0.02	-0.12%	-56.60%

Auction results of tender 1968 revealed that investors exercised restraints in overexposing themselves to the government’s assets as rates declined beyond expectations and real returns worsened. Accordingly, the government failed to meet its target for the second consecutive time this week as it only achieved 70.96% of the intended target amount.

A total of GHS 3,009.99 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 4,242.00 million. The government, however, accepted 98.25%, 79.28%, and 61.51% of the total GHS 2,059.23 million, GHS 678.18 million, and GHS 272.58 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 6,426 million from 91-day, 182-day, and 364-day bills to meet GHS 6,266 million worth of maturing papers due next week, as well as to provision for the upcoming interest payment on the DDEP bonds.