GoG Treasury Papers News – Week 43 [October 27, 2025]

Security	Interest Rates
91 – Day Bill	10.6747%
182 – Day Bill	12.4683%
364 – Day Bill	12.8778%

The yields on the government’s short-term papers came in mixed this week as rates struggle to find a consistent path on the back of the opposing forces of expectations of slower inflation numbers and investors fleeing from Treasury papers following the sharp decline in yields. Overall Treasury rates performance for October has also been mixed with the 91-day and the 182-daybills recording cumulative gains of 0.170 percentage points (pp.) and 0.076 pp., respectively whilst the 364-day bill registered a cumulative loss of 0.022 pp. Treasury yields are expected to be continued to be range-bound at its current level in the remaining periods of the year as rates faces both upside and downside pressures.

After recording an impressive gain of 17 basis points (bps) last week, the most in nearly two months, the 91-day bill failed to hold on to the momentum as it lost marginally by 2 bps this week. It slowed down from 10.6976% posted last week to clear at 10.6747% this week.

The 182-day bill was the lone gainer for the week, up by 3 bps to build on last week’s 13 bps increase. It rose from 12.4385% posted last week to clear at 12.4683% this week.

The yield on the 364-day fell by 4 bps this week, failing to add onto last week’s 6 bps gain. It declined to 12.8778% this week, down from 12.9224% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.6976%	10.6747%	-0.02	-0.21%	-62.13%
182 – Day	12.4385%	12.4683%	0.03	0.24%	-56.88%
364 – Day	12.9224%	12.8778%	-0.04	-0.35%	-57.29%

The auction results of Tender 1978 revealed that, after last week’s record disinterest in the government’s short-term papers as investors continue to unwind their positions in Treasury securities, the government again failed to realize its target this week. The government was thus able to realize 69.75% of its intended target this week.

A total of GHS 4,760.06 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,824 million. As the government begins to wrap up its fiscal activities for the year, and is being constrained by slowing interest in the government’s papers, it was forced to accept all GHS 3,487.16 million, GHS 785.31 million, and GHS 487.59 million worth of bids tendered for its 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 5,329 million from 91-day, 182-day, and 364-day bills to meet GHS 5,190 million worth of maturing papers due next week.