Ghana Treasury bills · auction of 31 December 2018
Ghana T-bill auction, 31 December 2018: 91-day at 14.59%, up 3 bps
At the Treasury bill auction dated 31 December 2018, the Bank of Ghana cleared the 91-day bill at 14.59% (up 3 basis points) and the 182-day bill at 15.03% (down 7 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 377m and GHS 377m was accepted, 100% of what was bid.
At 14.59%, the 91-day rate is the highest in the 52 auctions of the past year.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 751 in 6 months on the 182-day bill
Put GHS 10,000 into the 182-day bill at this auction and you get back GHS 10,751 after 6 months: GHS 751 in interest before any withholding tax, about GHS 125 a month.
That is GHS 4 less than the same money would have earned at the previous auction.
For shorter money: GHS 365 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Ghana’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 14.594% | 14.565% | — | GHS 327m | GHS 327m |
| 182-day | 15.027% | 15.100% | — | GHS 50m | GHS 50m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 31 December 2018, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2018-12-31
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