Treasury Rates [August 25, 2025]

Security	Interest Rates
91 – Day Bill	10.4197%
182 – Day Bill	12.3861%
364 – Day Bill	13.0043%

Treasury bill rates were mixed at last Friday’s auction as rates seemed to be driven by investors’ reaction to expectations of slower inflation numbers and protracted negative real returns. The yields on the 91-day and 182-day bills both cleared higher, recording their first gain in the past six weeks, whilst that on the 364-day maintained its downward streak to send its year-to-date losses to 56.87%. This week’s mixed Treasury performance comes after the government failed to realize its target over the last two issuances, with investors seen to be acting cautiously towards overexposing themselves to the slowing returns on the government’s short-term assets.

The 91-day bill came in as the best performer for the week, after it climbed up by 28 basis points (bps) to recover sections of recent losses. It cleared at 10.4197% this week, up from 10.1374% posted last week.

The 182-day bill followed with an increase of 16 bps this week, having lost by 2 bps last week. It cleared at 12.3861% this week from 12.2302% posted last week.

The 364-day bill was the lone decliner this week, down by 8 bps to build on last week’s 2 bps decrease. It fell from 13.0865% posted last week to clear at 13.0043% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.1374%	10.4197%	0.28	2.78%	-63.04%
182 – Day	12.2302%	12.3861%	0.16	1.27%	-57.17%
364 – Day	13.0865%	13.0043%	-0.08	-0.63%	-56.87%

The auction results of Tender 1969 showed that the government missed its target for the third consecutive time, as some investors unwound their positions in Treasury assets to invest in other high-yielding assets, following protracted negative real returns on the government’s short-term assets. The government, consequently, achieved 90.52% of its intended target amount.

A total of GHS 5,817.12 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,426.00 million. The suppressed demand forced the government to accept all GHS 4,049.52 million and 1,337.22 million worth of bids tendered for the 91-day and 182-day bills. The government, however, accepted 92.43% of the GHS 430.38 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 6,723 million from 91-day, 182-day, and 364-day bills to meet GHS 5,925 million worth of maturing papers due next week.