Ghana Treasury bills · auction of 2 March 2020
Ghana T-bill auction, 2 March 2020: 364-day at 17.71%, down 10 bps
At the Treasury bill auction dated 2 March 2020, the Bank of Ghana cleared the 91-day bill at 14.73% (down 2 basis points), the 182-day bill at 15.17% (unchanged) and the 364-day bill at 17.71% (down 10 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 609m and GHS 609m was accepted, 100% of what was bid.
At 17.71%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 18.16%, so the government is paying 45 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,771 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 11,771 after 12 months: GHS 1,771 in interest before any withholding tax, about GHS 148 a month.
That is GHS 10 less than the same money would have earned at the previous auction.
For shorter money: GHS 759 on the 182-day bill (6 months), GHS 368 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 | 14.732% | 14.754% | — | GHS 389m | GHS 389m |
| 182-day | 15.172% | 15.174% | — | GHS 91m | GHS 91m |
| 364-day | 17.711% | 17.809% | — | GHS 129m | GHS 129m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 2 March 2020, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-03-02
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