Ghana Treasury bills · auction of 16 March 2020
Ghana T-bill auction, 16 March 2020: 364-day at 17.80%, up 2 bps
At the Treasury bill auction dated 16 March 2020, the Bank of Ghana cleared the 91-day bill at 14.76% (up 1 basis point), the 182-day bill at 15.18% (down 1 basis point) and the 364-day bill at 17.80% (up 2 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 890m and GHS 890m was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 17.71% to 18.10%.
A year earlier the 364-day bill cleared at 18.03%, so the government is paying 23 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,780 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 11,780 after 12 months: GHS 1,780 in interest before any withholding tax, about GHS 148 a month.
That is GHS 2 more than the same money would have earned at the previous auction.
For shorter money: GHS 759 on the 182-day bill (6 months), GHS 369 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 | 14.759% | 14.750% | — | GHS 706m | GHS 706m |
| 182-day | 15.177% | 15.190% | — | GHS 104m | GHS 104m |
| 364-day | 17.803% | 17.788% | — | GHS 80m | GHS 80m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 16 March 2020, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-03-16
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