Weekly GoG Treasury Bills News Report – Week 08 [February 23, 2026]

Security	Interest Rates
91 – Day Bill	6.4530%
182 – Day Bill	8.1822%
364 – Day Bill	10.2069%

The ongoing crush in the yields on the government’s short-term Treasury papers took a much steeper step this week as rates fell by relatively higher margins ahead of next week’s consumer price index publication, where the inflation rate is not expected to post any major shift from January’s readings. The sharp drop in Treasury yields is coming on the back of several supportive actions, such as the sustained dip in inflation, the absence of long-term government primary issuances, strong demand for Treasury papers as the economy remains on a resilient course, and conscious efforts by authorities to smooth and realign the yield curve, among others. Next week’s announcement of the inflation rate will be expected to determine the direction of future interest rates, although yields are unlikely to post any major downward movements in the medium term as inflation is projected to show a stable outlook.

The yield on the 91-day bill edged down by 216 basis points (bps) this week to send its year-to-date decline to a record 41.95% in the first two months of the year. It cleared at 6.4530% this week, down from 8.6095% posted last week.

The 182-day bill recorded the sharpest decline this week, down by 250 bps to build on last week’s 114 bps drop. It moved down from 10.6788% posted last week to clear at 8.1822% this week.

The 364-day bill dropped by 86 bps this week to send its accumulated declines to 2.86 percentage points in February alone. It slowed down to 10.2069% this week from 11.0620% recorded last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	8.6095%	6.4530%	-2.16	-25.05%	-41.95%
182 – Day	10.6788%	8.1822%	-2.50	-23.38%	-34.81%
364 – Day	11.0620%	10.2069%	-0.86	-7.73%	-21.08%

The auction results of Tender 1995 showed that investors thronged the government’s short-term assets as the domestic market continued to face limitations following the absence of a working government primary bond market despite pension funds piling up. The government once again received overwhelming bids, with the government’s target oversubscribed by 170%.

A total of GHS 25,200.93 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 9,322.00 million. The government subsequently went ahead to accept 37.04%, 33.87%, and 61.61% of the total GHS 8,605.21 million, GHS 7,219.43 million, and GHS 9,376.29 million worth of bids 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 5.81 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.71 billion worth of maturing papers due next week.