Weekly GoG Treasury Bills News Report – Week 12 [March 23, 2026]

Security	Interest Rates
91 – Day Bill	4.7816%
182 – Day Bill	6.3621%
364 – Day Bill	9.5828%

Treasury bill rates rose simultaneously for the first time in eight weeks across the three tenors this week, on rising concerns of the emergence of risks to Ghana’s disinflationary path following spikes in the prices of crude oil on the international market as the Middle East crisis rages on. This week’s Treasury result is coming on the heels of ongoing developments shaping investors’ perception of future interest rates, including February’s inflation release, which showed that the inflation rate may have reached its trough, as well as the fast thinning out of investors’ real returns. Treasury yields over the near to medium-term are expected to be pressured to maintain a stable trajectory with some upward pressure.

The yield on the 91-day bill edged up by 7 basis points (bps) this week to recover portions of last week’s 12 bps dip. It cleared at 4.7816% this week, up from 4.7100% posted last week.

The 182-day bill climbed up by 8 bps to recoup from last week’s 2 bps drop, as well as portions of previous weeks’ losses. It moved up from 6.2833% posted last week to clear at 6.3621% this week.

The 364-day bill came in as the star performer for the week, coming in with an increase of 18 bps to slash its year-to-date losses from 27.27% as of last week to 25.90% this week. It rose from 9.4061% posted last week to clear at 9.5828% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.7100%	4.7816%	0.07	1.52%	-56.99%
182 – Day	6.2833%	6.3621%	0.08	1.25%	-49.31%
364 – Day	9.4061%	9.5828%	0.18	1.88%	-25.90%

The auction results of Tender 1999 showed that the government failed to realize its target for the first time this year as investors sat on the fence to reassess the impact of recent global events on both the domestic and world economies. Consequently, the government’s target amount was undersubscribed by 25.45%.

A total of GHS 3,731.30 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,005.00 million. The government was subsequently pressured to accept all GHS 667.12 million and GHS 831.41 million worth of bids tendered for the 182-day and the 364-day bills. For the 91-day bill, the government went ahead to accept 79.15% of the total GHS 2,232.77 million worth of bids received.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 4.93 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.64 billion worth of maturing papers due next week.