Weekly GoG Treasury Bills News Report – Week 15 [April 13, 2026]

Security	Interest Rates
91 – Day Bill	4.9106%
182 – Day Bill	6.7760%
364 – Day Bill	9.9788%

Treasury bill rates inched up for the fourth consecutive time this week in what appears to be a reversal of the recent downward trend in the yields on the government’s short-term securities, which began in February as the continuous decline in inflation fueled the drop in rates. This week’s Treasury performance comes after the recently released consumer price statistics revealed that the inflation rate defied the odds of the first increase in the headline inflation rate in fifteen months, as the rate ended the first quarter of the year with yet another decline. Investors, however, choose to focus their attention on the emergence of risks to the inflation outlook as the conflict in the Middle East continues to mount pressures on global inflation. The possible passthrough effect of the Middle East crisis was felt in Ghana’s March inflation statistics as the inflation rate recorded its slowest decline in twelve months.

The 91-day bill edged up by 9 basis points (bps), having recorded a marginal increase last week. It rose from 4.8170% posted last week to clear at 4.9106% this week.

The yield on the 182-day bill recorded the least increase this week, up by 7 bps to add onto last week’s 9 bps increase. It soared to 6.7760% this week, up from 6.7104% posted last week.

The 364-day bill came in as the star performer for the week, up by 14 bps to build on last week’s 7 bps increase. It jumped to 9.9788% this week from 9.8422% registered last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.8170%	4.9106%	0.09	1.94%	-55.83%
182 – Day	6.7104%	6.7760%	0.07	0.98%	-46.01%
364 – Day	9.8422%	9.9788%	0.14	1.39%	-22.84%

The auction results of Tender 2002 revealed that investors once again sat on the fence as they continued to anticipate higher rates over the short to medium term. Consequently, the government failed to realize its target for the fourth consecutive time, achieving only 70.15% of its target this week.

A total of GHS 5,310.29 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 7,570.00 million. The government went ahead to accept all GHS 521.96 million worth of bids tendered for the 182-day bill and accepted 99.76% and 46.60%% of the total GHS 4,439.39 million and GHS 348.94 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 4.89 billion from 91-day, 182-day, and 364-day bills to meet GHS 3.77 billion worth of maturing papers due next week.