GoG Treasury Papers News Report – Week 47 [November 24, 2025]

Security	Interest Rates
91 – Day Bill	11.1353%
182 – Day Bill	12.6805%
364 – Day Bill	13.0618 %

Treasury bill rates failed to maintain their streak of simultaneous gains as they opened this week mixed after three weeks of increasing trend. Last Friday’s Treasury auctions saw the 91-day and 182-day bills add to their recent gains, while the 364-day bill weakened. The bidirectional trend suggests divergence of waning interest in government securities and the slowing pace of headline inflation. The sharp decline in Treasury yields, falling from an average high of 29.0% at the start of the year to an average of 12.0% by the end of last month, has led most investors to trim their holdings in government papers. This shift largely stems from the significant drop in inflation readings. Treasury rates are expected to continue posting modest gains into the final months of the year.

The yield on the 91-day bill extended its gains by 11 basis points (bps), surpassing last week’s 10 bps increase. It moved up from 11.0275% posted last week to clear at 11.1353% this week.

The 182-day bill continued its impressive run as it extended its weekly gains for the sixth consecutive time this week with a marginal increase of 2 bps. It cleared at 12.6805% this week, up from 12.6606% posted last week.

The 364-day bill lost by 2 bps this week to erase portions of its recent 20 bps gains. It declined from 13.0817% posted last week to clear at 13.0618% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.0275%	11.1353%	0.11	0.98%	-60.50%
182 – Day	12.6606%	12.6805%	0.02	0.16%	-56.15%
364 – Day	13.0817%	13.0618%	-0.02	-0.15%	-56.68%

The auction results of Tender 1982 revealed that investors showed disinterest in the government’s assets as they continued to diversify into other high-yielding investment options. Consequently, the government failed to realize its target this week as total bids tendered made up only 77.18% of the government’s target.

A total of GHS 4,953.48 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 6,418.00 million. Despite the low expression of interest by investors, the government proceeded to accept 97.26%, 99.33%, and 98.88% of the total GHS 3,937.40 million, GHS 749.25 million, and GHS 266.83 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 2,862 million from 91-day, 182-day, and 364-day bills to meet GHS 2,784 million worth of maturing papers due next week.