GoG Treasury Papers News Report – Week 52 [December 29, 2025]

Security	Interest Rates
91 – Day Bill	11.0912%
182 – Day Bill	12.5249%
364 – Day Bill	12.9407%

Treasury bill rates ticked higher across the three tenors on growing expectations that December’s consumer price index statistics will show the first pick-up in the inflation rate in 2025, following the surge in economic activities during the festive season. Treasury rates in 2025 have undergone a sharp decrease, simmering down from an average high of 29.09% as at the start of the year to close the year with an average rate of 12.19%. This has been supported by conscious efforts by the new government to reduce its interest cost burden, the steep and sustained decline in the inflation rate, and the local currency’s strong resilience.

The 91-day bill posted a marginal increase to recover sections of last week’s 2 basis points (bps) drop, ending the year with a year-to-date (YTD) depreciation of 60.66%. It cleared at 11.9012% this week from 11.0887% posted last week.

The 182-day bill edged up by 9 bps this week, with a YTD depreciation of 56.69%, having lost by 11 bps last week. It jumped up from 12.4358% posted last week to clear at 12.5249% this week.

The 364-day bill rose by 3 bps, having suffered a loss of 6 bps last week, to send its YTD decline to 57.08%. It moved up from 12.9132% posted last week to clear at 12.9407% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.0887%	11.0912%	0.00	0.02%	-60.66%
182 – Day	12.4358%	12.5249%	0.09	0.72%	-56.69%
364 – Day	12.9132%	12.9407%	0.03	0.21%	-57.08%

The auction results of Tender 1987 showed that investors once again renewed their confidence in the government for the fourth consecutive time, as they increased their exposure to the government’s assets, with real returns on investment turning positive. Consequently, the government’s target amount was oversubscribed by 18.49%.

A total of GHS 3,917.12 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,306.00 million. The government went ahead to accept 99.80% and 92.96% of the total GHS 2,444.37 million and GHS 781.43 million worth of bids tendered for its 91-day and 182-day, respectively, whilst accepting all GHS 686.32 million worth of bids tendered for the 364-day bill.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 3,991 million from 91-day, 182-day, and 364-day bills to meet GHS 3,882 million worth of maturing papers due next week.