The latest treasury bill auction held on October 3, 2025, saw an undersubscription of 31% as GH¢2.59 billion was received in bids against a target of GH¢3.71 billion. A total bids of GH¢2.58 billion was accepted.

Interest rates moved only marginally from the previous week. The 91-day bill cleared at a weighted average rate of 10.47%, the 182-day at 12.35%, and the 364-day at 12.87%—all easing slightly compared to the previous auction when the corresponding yields were 10.50%, 12.39%, and 12.90%.

Inflation for September eased to 9.4% from 11.5% in August, bringing treasury bill interest rates into positive real interest rate territory. Treasury bill auctions are therefore expected to see more bids for the rest of the year especially if the central bank reduces the policy rate in line with the drop in inflation.

The next auction is scheduled for October 10, 2025, with an increased target of GH¢5.27 billion.