Weekly GoG Short-Term Securities News Report – Week 04 [January 26, 2026]

Security	Interest Rates
91 – Day Bill	11.1968%
182 – Day Bill	12.6656%
364 – Day Bill	13.0650%

Ahead of the release of next week’s consumer price statistics, where the market is bracing itself for yet another stable inflation rate, Treasury bill rates extended their rising path, recording their fifth successive increase. The yields on the government’s short-term papers have, over the past month, seen upward increases despite inflation on a persistent downward trend. The renewed upward pressure on Treasury yields is stemming from efforts by the government to increase its domestic revenue mobilization to support key government expenditures for the year, and as investors get uncomfortable with the current lower levels of interest rates. This week’s monetary policy rate announcement will be expected to shape the perception and direction of future interest rates.

The yield on the 91-day bill was little changed this week, recording a marginal increase from 11.1946% posted last week to clear at 11.1968% this week.

The 182-day bill also posted a marginal increase, edging up by 2 basis points (bps) this week to build on last week’s 3 bps increase. It rose from 12.6485% posted last week to clear at 12.6656% this week.

The 364-day bill came in as the star performer for the week again, repeating last week’s 8 bps increase. It strengthened from 12.9807% recorded last week to clear at 13.0650% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1946%	11.1968%	0.00	0.02%	0.72%
182 – Day	12.6485%	12.6656%	0.02	0.14%	0.92%
364 – Day	12.9807%	13.0650%	0.08	0.65%	1.02%

The auction results of Tender 1991 showed that investors responded favourably to the rising trend of Treasury rates as they increased their exposures to the government’s short-term papers. This is also coming on the back of investors beginning to commit their excess funds into investment courses after a rise in consumption during the yuletide. The government’s target was subsequently oversubscribed by 61.95%.

A total of GHS 15,911.57 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 9,825.00 million. The government, in a bid to build reserves for the upcoming coupon payments on the DDEP bonds, consequently went ahead to accept all 4,297.21 million worth of bids tendered for the 182-day bill and 82.83% and 68.04% of the total GHS 4,154.92 million and GHS 7,459.44 million worth of bids tendered for the 91-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 7.00 billion from 91-day, 182-day, and 364-day bills to meet GHS 6.81 billion worth of maturing papers due next week, as well as to create buffers for the DDEP coupon payments due next month.