Ghana Treasury bills · auction of 27 January 2020
Ghana T-bill auction, 27 January 2020: 364-day at 17.88%, up 5 bps
At the Treasury bill auction dated 27 January 2020, the Bank of Ghana cleared the 91-day bill at 14.69% (down 1 basis point), the 182-day bill at 15.15% (down 2 basis points) and the 364-day bill at 17.88% (up 5 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 929m and GHS 925m was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 17.83% to 18.28%.
A year earlier the 364-day bill cleared at 16.57%, so the government is paying 131 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,788 in 12 months on the 364-day bill
Put GHS 10,000 into the 364-day bill at this auction and you get back GHS 11,788 after 12 months: GHS 1,788 in interest before any withholding tax, about GHS 149 a month.
That is GHS 5 more than the same money would have earned at the previous auction.
For shorter money: GHS 757 on the 182-day bill (6 months), GHS 367 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 | 14.690% | 14.702% | — | GHS 709m | GHS 709m |
| 182-day | 15.148% | 15.169% | — | GHS 195m | GHS 195m |
| 364-day | 17.881% | 17.835% | — | GHS 25m | GHS 21m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 27 January 2020, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-01-27
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