Treasury Rates [September 15, 2025]

Security	Interest Rates
91 – Day Bill	10.5306%
182 – Day Bill	12.4412%
364 – Day Bill	12.9574%

This week’s Treasury bill auction results followed last week’s path as rates came in mixed, with the 91-day and the 182-day bills seeing their second consecutive increase, whilst the 364-day stayed on a declining trajectory. This week’s Treasury results come after the release of consumer price statistics, which showed that the headline inflation figure registered its eighth consecutive disinflation, poised to fall into the single digits before the close of the year. Despite the growing expectations of a lower inflation path, the yields on the government’s short-term papers have been pressured over the past few weeks as investors are seen fleeing from the government’s papers in search of instruments with relatively high yields. This phenomenon is expected to pressurize yields in the medium term to find a stable course.

The yield on the 91-day bill edged up by 11 basis points (bps) this week, its biggest increase in the past three weeks, to build on last week’s 10 bps increase. It cleared at 10.5306% this week, up from 10.4220% posted last week.

The 182-day bill recorded a modest gain this week, up by 3 bps to add to last week’s tepid 4 bps increase. It moved up from 12.4110% posted last week to clear at 12.4412% this week.

The 364-day bill extended its declining trajectory for the ninth consecutive time this week, down by 2 bps, having dipped by 3 bps last week. It cleared at 12.9574% this week from 12.9725% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.4220%	10.5306%	0.11	1.04%	-62.64%
182 – Day	12.4110%	12.4412%	0.03	0.24%	-56.98%
364 – Day	12.9725%	12.9574%	-0.02	-0.12%	-57.03%

The auction results of Tender 1972 revealed that investors reverted to their bearish sentiments towards the pace of decline in yields, coupled with the disparity between inflation and Treasury rates. Last week, investors for the first time in the past five weeks raised their demand for the government’s papers, beating the government’s target amount by nearly 16.0%. At last Friday’s auction, however, investors sat on the fence as they sought to reduce their exposures to the government assets, culminating in an undersubscription of 78.49%.

A total of GHS 6,503.29 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 8,286.00 million. The government accepted 95.56%, 99.37%, and 97.46% of the total GHS 5,499.10 million, GHS 789.20 million, and GHS 214.99 million worth of bills tendered for its 91-day, 182-day, and 364-day bills.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 3,019 million from 91-day, 182-day, and 364-day bills to meet GHS 2,941 million worth of maturing papers due next week.