Treasury Rates [June 16, 2025]

Security	Interest Rates
91 – Day Bill	14.7023%
182 – Day Bill	15.2543%
364 – Day Bill	15.7418%

The yields on the government’s short-term papers fell again this week, extending their weekly declines for the twentieth consecutive time, with rates set to slash at least half of their value by the close of the year. Treasury yields have so far suffered a year-to-date loss of at least 47.0% across the three tenures, with yields expected to decline further as the ongoing disinflation path gathers momentum. Consumer price statistics released earlier this month showed that the inflation rate dropped by its biggest margin in nearly fifteen weeks in May, supporting the steady drop in Treasury rates. Over the medium term, it is expected that Treasury yields will remain relatively stable with marginal declines.

After sustaining a tiny drop last week, the 91-day bill tumbled by 9 basis points (bps) to send its year-to-date losses to 47.85%. It cleared at 14.7023% this week, down from 14.7922% posted last week.

The yield on the 182-day bill posted the biggest loss this week, down by 20 bps to add onto last week’s 3 bps drop. It plunged from 15.4590% posted last week to clear at 15.2543% this week.

The 364-day bill posted the least decline this week, down by 6 bps, having declined by 11 bps last week. It slowed down to 15.7418% this week from 15.7991% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	14.7922%	14.7023%	-0.09	-0.61%	-47.85%
182 – Day	15.4590%	15.2543%	-0.20	-1.32%	-47.25%
364 – Day	15.7991%	15.7418%	-0.06	-0.36%	-47.79%

Auction results of tender 1959 showed that despite the improved demand as a good number of investors rolled over their investments, demand failed to match up to the government’s target. Thus, the government failed to achieve its target for the week, narrowly missing the target by 4.78%.

A total of GHS 7,225.17 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,588.00 million. The government accepted all GHS 6,025.40 million and GHS 995.27 million worth of bids tendered for the 91-day and 182-day bills and accepted 84.79% of the GHS 204.50 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 4,551.00 million from 91-day, 182-day, and 364-day bills to meet GHS 4,785 million worth of maturing papers due next week.