Weekly GoG Treasury Bills News Report – Week 31 [August 3, 2026]

Security	Interest Rates
91 – Day Bill	5.7618%
182 – Day Bill	7.6409%
364 – Day Bill	12.9821%

Ahead of this week’s release of consumer price statistics, where the market is bracing itself for another marginal uptick in the headline inflation rate on the back of pick-ups in the prices of petroleum products as well as the Cedi’s struggles against some of its trading partner currencies, Treasury bill rates continued to struggle to follow a unified path, with rates coming in mixed this week. Despite improved interest and participation in the government’s short-term securities over the past month, rates have been largely mixed across the three tenors, as rising geopolitical tensions offset gains made in domestic macroeconomic variables. Treasury bill rates are expected to remain range-bound in the near term, although July’s inflation print is likely to influence the direction of future rates.

The yield on the 91-day bill declined by 3 basis points (bps) to erase last week’s tiny increase. It dropped to 5.7618% this week from 5.7881% posted last week.

The 182-day bill followed a similar path, failing to build on last week’s gain as it declined by 5 bps this week. It fell from 7.6890% posted last week to clear at 7.6409% this week.

Having suffered a 3 bps drop last week, the 364-day bill resumed its upward trajectory, with an increase of 2 bps this week. It rose from 12.96700% posted last week to clear at 12.9821% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	5.7881%	5.7618%	–0.03	-0.45%	-48.17%
182 – Day	7.6890%	7.6409%	-0.05	-0.63%	-39.12%
364 – Day	12.9670%	12.9821%	0.02	0.12%	0.38%

The auction results of Tender 2018 showed that investors once again renewed their interest in the government’s assets as they crowded 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 79.08%.

A total of GHS 10,505.12 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,866.00 million. The government went ahead to accept 42.80%, 66.15%, and 96.03% of the total GHS 2,273.13 million, GHS 757.93 million, and GHS 7,474.06 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 6.22 billion from 91-day, 182-day, and 364-day bills to meet GHS 6.13 billion worth of maturing papers due next week as well as to create buffers for the upcoming coupon payments on the DDEP bonds due later this month.