Weekly GoG Short-Term Securities Report – Week 03 [January 19, 2026]

Security	Interest Rates
91 – Day Bill	11.1946%
182 – Day Bill	12.6485%
364 – Day Bill	12.9807%

Treasury bill rates rose this week across the three tenors in what appears to be a contradictory path to the ongoing disinflationary trend, which has seen the headline inflation rate enter the single digit with a relatively tame outlook. The uptick in the yields on the government’s short-term papers despite the slowdown in the rate of increase in the consumer price index could be coming on the back of the new government attempting to entice investors in a bid to raise funds for major development projects as the government enters into its second year. This, coupled with investors’ reluctance to bid at far lower rates, is helping to cap the rate of decrease in Treasury yields. The monetary policy committee’s decision on rates later in the month will be expected to hint at the direction of future interest rates.

The 91-day bill rose for the fourth consecutive time this week, up by 2 basis points to build on last week’s 5 bps increase. It rose from 11.1706% posted last week to clear at 11.1946% this week.

The yield on the 182-day bill similarly registered its fourth successive weekly gain this week, edging up by 3 bps to add onto last week’s 6 bps gain. It soared from 12.6154% posted last week to clear at 12.6485% this week.

The 364-day bill came in as the star performer for the week, as it rose by 8 bps to recover losses sustained over the past few weeks. It moved up from 12.9021% recorded last week to clear at 12.9807% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.1706%	11.1946%	0.02	0.21%	0.70%
182 – Day	12.6154%	12.6485%	0.03	0.26%	0.78%
364 – Day	12.9021%	12.9807%	0.08	0.61%	0.37%

The auction results of Tender 1990 revealed that investors responded positively to the apparent upward pressures on Treasury yields as they increased their exposures to the government’s assets. Consequently, the government’s target amount was oversubscribed by 41.97%.

A total of GHS 10,087.04 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,149.00 million. Despite meeting its target, the government went ahead to accept more than it asked, taking 99.64%, 99.63%, and 99.78% of the total GHS 2,754.06 million, 2,708.53 million, and GHS 4,614.45 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 9.83 billion from 91-day, 182-day, and 364-day bills to meet GHS 11.14 billion worth of maturing papers due next week.