Weekly GoG Treasury Bills News Report – Week 30 [July 27, 2026]

Security	Interest Rates
91 – Day Bill	5.7881%
182 – Day Bill	7.6890%
364 – Day Bill	12.9670%

Treasury bill rates struggled to find a common direction yet again this week as investors’ reaction to the presentation of the mid-year budget review came in mixed after the government gave no indication of its intention to ask for more funding. The finance minister presenting the report to Ghana’s parliament last week noted that “despite maintaining our macroeconomic targets for 2026, including the 1.5 percent of GDP primary surplus on a commitment basis, preserving the Total Revenue and Grants projections, and keeping total appropriations unchanged, we are undertaking a strategic realignment of expenditures within the existing fiscal framework.” Accordingly, Treasury bill rates are expected to be range-bound within the short to medium-term.

The 91-day bill, having edged down by 8 basis points (bps) last week, came in largely unchanged this week, rising marginally from 5.7845% last week to clear at 5.7881% this week.

The 182-day bill posted a tiny gain, up by a basis point to recoup sections of the previous week’s loss. It cleared at 7.6890% this week, up from 7.6763% posted last week.

The 364-day bill suffered its first dip in nine weeks this week, down by 3 bps after accumulating a 2.60 percentage point increase over the past two months. It declined from 12.9954% registered last week to clear at 12.9670% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.7845%	5.7881%	0.004	0.06%	-47.93%
182 – Day	7.6763%	7.6890%	0.01	0.17%	-38.74%
364 – Day	12.9954%	12.9670%	-0.03	-0.22%	0.26%

The auction results of Tender 2017 revealed that investors once again renewed their interest in the government’s assets as they swarmed the government’s assets to lock in on rates on fears of a return to the disinflationary path. The government’s intended target was subsequently oversubscribed by 30.34%.

A total of GHS 12,371.90 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 9,492.00 million. The government subsequently went ahead to accept a large portion of the tendered bids, accepting 88.15%, 85.78%, and 96.42% of the total GHS 2,952.42 million, GHS 1,307.11 million, and GHS 8,112.37 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 5.87 billion from 91-day, 182-day, and 364-day bills to meet GHS 5.78 billion worth of maturing papers due next week as well as to create buffers for the upcoming coupon payments on the DDEP bonds due next month.