GoG Treasury Papers News Report – Week 49 [December 8, 2025]

Security	Interest Rates
91 – Day Bill	11.0826%
182 – Day Bill	12.5527%
364 – Day Bill	12.7009%

Following the release of consumer price statistics for November, Treasury bill rates this week showed little responsiveness to the price developments, as it came in mixed despite the inflation rate registering its eleventh consecutive decline. The latest consumer price data released last week showed that the inflation rate edged further down to its lowest since price rebasing in 2021. The decline in the headline inflation reading was supported by stable prices across all the key indicators, such as food and non-food items, imported and locally produced items, and goods & services. Month-on-month inflation, however, ticked up, reflecting the prevalence of some minimal upward price pressures ahead of the festive season. These developments thus pushed investors to ask for higher yields amidst a slowing interest rate spectrum.

The yield on the 91-day bill posted a marginal gain of 3 basis points (bps) to recover sections of last week’s 9-bps loss. It rose from 11.0501% posted last week to clear at 11.0826% this week.

After having posted its first decline in nearly two months last week, the 182-day bill this week resumed its rising trajectory as it gained by 12 bps. It rose from 12.4302% posted last week to clear at 12.5527% this week.

The 364-day bill fell by its biggest margin in nineteen weeks as it declined by 39 bps this week. It plummeted to 12.7009% this week, down from 13.0862% posted last week.

Week-on-Week Change

Tenor	Previous	Current	w-o-w Change	w-o-w Change (%)	Year-to-Date
91 – Day	11.0501%	11.0826%	0.03	0.29%	-60.69%
182 – Day	12.4302%	12.5527%	0.12	0.99%	-56.59%
364 – Day	13.0862%	12.7009%	-0.39	-2.94%	-57.88%

The auction results of Tender 1984 revealed that for the second consecutive time, investors renewed their confidence in the government, defying demands for increased consumption ahead of the yuletide. Accordingly, the government realized its target as bids came in at 38.14% in excess of the intended target.

A total of GHS 8,019.32 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 5,805.00 million. The government, however, went ahead to accept 83.39%, 88.39%, and 99.51% of the total GHS 4,905.60 million, GHS 2,098.75 million, and GHS 1,014.97 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 6,946 million from 91-day, 182-day, and 364-day bills to meet GHS 6,759 million worth of maturing papers due next week.