Treasury Rates [October 6, 2025]

Security	Interest Rates
91 – Day Bill	10.4739%
182 – Day Bill	12.3516%
364 – Day Bill	12.8707%

Treasury bill rates fell across the three tenors this week in consonance with the ongoing disinflation path, with the latest consumer prices data released last week showing that the inflation rate dropped into the single digits for the first time in four years. This week’s Treasury bill performance comes after yields picked up last week, buoyed by investors’ resolve to unwind portions of their exposures to the government’s assets. The yields on the government’s short-term papers were widely choppy throughout last month, as a mixed bag of declining interest in government papers and the ongoing disinflationary process shaped the direction of rates. This trend is expected to persist till year-end, forcing rates to stabilize at the prevailing levels.

The yield on the 91-day bill fell by 3 basis points (bps) this week, having edged up by 5 bps last week. It fell to 10.4739% this week, down from 10.5048% posted last week.

The 182-day bill also saw a decline, down by 4 bps to surpass last week’s 3 bps climb. It slowed down to 12.3516% this week from 12.3922% posted last week.

The 364-day bill similarly weakened, down by 3 bps, having posted a marginal increase of 2 bps last week. It dropped from 12.8994% posted last week to clear at 12.8707% this week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	10.5048%	10.4739%	-0.03	-0.29%	-62.85%
182 – Day	12.3922%	12.3516%	-0.04	-0.33%	-57.29%
364 – Day	12.8994%	12.8707%	-0.03	-0.22%	-57.31%

The auction results of Tender 1975 showed investors getting jittery over the recent inflation print, amidst expectations of further slower increases in the consumer price index. Accordingly, they pulled back from the government’s papers whilst also in search of other higher-yielding investment schemes. The government thus missed its target this week, having been able to realize 69.91% of its target amount.

A total of GHS 2,593.83 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 3,710.00 million. The government accepted 99.75%, 98.73%, and 97.07% of the total GHS 2,028.79 million, GHS 394.40 million, and GHS 170.64 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 5,269 million from 91-day, 182-day, and 364-day bills to meet GHS 2,300 million worth of maturing papers due next week.