Weekly GoG Treasury Bills News Report – Week 23 [June 8, 2026]

Security	Interest Rates
91 – Day Bill	5.0116%
182 – Day Bill	7.0948%
364 – Day Bill	10.8388%

In line with the recent inflation print, which showed the pass-through effect of the ongoing Middle East crisis hitting the prices of domestic goods and services, Treasury bill rates rose simultaneously across the three tenors for the second consecutive time this week. According to the recent consumer price index publication released last week, the inflation rate ticked up for the second successive time as a steady decline in the value of the local currency, coupled with increases in the prices of food items and transportation costs, mounted upward pressures on the headline inflation rate. Treasury yields over the short to medium-term are expected to continue to post marginal increases on the back of growing expectations of higher inflation numbers, as investors continuously ask for higher yields.

The 91-day bill rose modestly this week, up by 2 basis points (bps), having edged up by 8 bps last week. It rose from 4.9901% recorded last week to clear at 5.0116% this week.

The yield on the 182-day bill went up by 5 bps this week after posting a marginal increase last week. It picked up from 7.0434% posted last week to clear at 7.0948% this week.

The 364-day bill came in as the star performer for the week, up by 38 bps to build on last week’s 9 bps increase. It strengthened to 10.8388% this week, up from 10.4593% registered last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	4.9901%	5.0116%	0.02	0.43%	-54.92%
182 – Day	7.0434%	7.0948%	0.05	0.73%	-43.47%
364 – Day	10.4593%	10.8388%	0.38	3.63%	-16.19%

The auction results of Tender 2010 showed that investors once again renewed their interest in the government’s short-term securities as rates began to improve and as the market braces itself up for additional pressures on the inflation outlook. Accordingly, the government’s target amount was oversubscribed by 11.95%.

A total of GHS 6,092.18 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,442.00 million. The government took advantage of the oversubscription to simmer down its interest cost, as it went ahead to accept 98.46%, 98.25%, and 78.50% of the total GHS 3,563.11 million, GHS 1,713.50 million, and GHS 815.57 million worth of bids tendered for its 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 7.43 billion from 91-day, 182-day, and 364-day bills to meet GHS 7.33 billion worth of maturing papers due next week.