Weekly GoG Short-Term Securities Report – Week 02 [January 12, 2026]

Security	Interest Rates
91 – Day Bill	11.1706%
182 – Day Bill	12.6154%
364 – Day Bill	12.9021%

Treasury bill rates came in mixed at last Friday’s auction, following the previous week’s trend where the 91-day and the 182-day bills cleared higher, whilst the 364-day bill struggled to post any gains. The divergence in Treasury yield paths hints at investors’ uneasiness in committing their funds into longer-term papers at a time when inflation appears tamed. Inflation defied expectations of its first uptick in 2025, as it further eased to close the year at 5.4%, its lowest since the 2021 price rebasing. With the economy seemingly on a strong recovery path and key inflation determinants, the Cedi and the prices of petroleum products, largely stable and controlled, it is expected that inflation will continue to remain range-bound and well anchored. The yields on the government’s short-term papers are consequently expected to trend around their current levels.

The yield on the 91-day bill cleared by a higher margin this week, up by 5 basis points (bps) compared to last week’s 3 bps increase. It cleared at 11.1706% this week, up from 11.1169% posted last week.

The 182-day bill came in as the star performer for the week, up by 6 bps to build on last week’s 3 bps increase. It moved up from 12.5506% posted last week to clear at 12.6154% this week.

After beginning the year with a basis points drop, the 364-day bill failed to post any recovery as it further weakened by 3 bps this week. It moved down from 12.9329% registered last week to clear at 12.9021% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1169%	11.1706%	0.05	0.48%	0.48%
182 – Day	12.5506%	12.6154%	0.06	0.52%	0.52%
364 – Day	12.9329%	12.9021%	-0.03	-0.24%	-0.24%

The auction results of Tender 1989 showed that investors once again renewed their confidence in the government as they increased their exposures to the government’s assets. Consequently, the government’s target amount was oversubscribed by 20.41%.

A total of GHS 9,107.93 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,564.00 million. The government went ahead to accept 99.92%, 99.06%, and 99.33% of the total GHS 6,540.10 million, and 1,066.59 million, and GHS 1,501.24 million worth of bids tendered for the 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 7.15 billion from 91-day, 182-day, and 364-day bills to meet GHS 6.95 billion worth of maturing papers due next week.