Weekly GoG Treasury Bills News Report – Week 09 [March 2, 2026]

Security	Interest Rates
91 – Day Bill	5.3237%
182 – Day Bill	6.9775%
364 – Day Bill	9.7621%

Ahead of the release of February’s consumer price statistics, where the inflation rate is unlikely to post any major deviation from the last reading, the rates on the government’s short-term securities maintained their steep decline, as the yields on all three tenors slipped into the single digits. The sharp and sustained dip in Treasury yields regained momentum in February 2026 after inflation began the year at a record 3.8%, signaling a passively tamed inflation outlook. Despite rates currently trending at a multi-year low, real returns remain positive, offering investors some level of comfort. Treasury yields over the short-term is expected to hover around the current numbers as inflation is less likely to drop any further from its current levels, barring any internal or external shocks.

The 91-day bill declined by 1.13 percentage points (pps) this week to send its year-to-date losses to 52.11%, having begun the year at 11.0912%. It cleared at 5.3237% this week, down from 6.4530% posted last week.

The 182-day bill suffered the steepest decline this week, yet again this week, edging down by 1.13 pps to build on last week’s 2.5 pps decrease. It slowed down to 9.7621% this week, down from 10.2069% posted last week.

Despite lagging behind, the 364-day bill this week also fell into the single-digit zone, after losing 44 basis points (bps) this week to add onto last week’s 86 bps drop. It slid from 10.2069% registered last week to clear at 9.7621% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	6.4530%	5.3237%	-1.13	-17.50%	-52.11%
182 – Day	8.1822%	6.9775%	-1.20	-14.72%	-44.41%
364 – Day	10.2069%	9.7621%	-0.44	-4.36%	-24.52%

The auction results of Tender 1996 revealed that investors paid less attention to the slump in the yields on fixed income securities, as they rather focused on the solid recovery path of the domestic economy. A rise in pension funds amid the absence of a primary government bond market also supported investors’ strong attraction to the short-term assets. Consequently, the government achieved an oversubscription of 155%.

A total of GHS 14,822.28 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,805.00 million. The government, in turn, went ahead to accept 54.86%, 53.89%, and 68.46% of the total GHS 6,826.11 million, GHS 2,829.46 million, and GHS 5,166.71 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 5.68 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.60 billion worth of maturing papers due next week.