Ghana Treasury bills · auction of 20 April 2020
Ghana T-bill auction, 20 April 2020: 91-day at 13.86%, down 3 bps
At the Treasury bill auction dated 20 April 2020, the Bank of Ghana cleared the 91-day bill at 13.86% (down 3 basis points) and the 182-day bill at 13.99% (down 14 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 757m and GHS 510m was accepted, 67% of what was bid.
At 13.86%, the 91-day rate is the lowest in the 47 auctions of the past year.
A year earlier the 91-day bill cleared at 14.71%, so the government is paying 85 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 699 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 10,699 after 6 months: GHS 699 in interest before any withholding tax, about GHS 117 a month.
That is GHS 7 less than the same money would have earned at the previous auction.
For shorter money: GHS 346 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 | 13.857% | 13.883% | — | GHS 688m | GHS 492m |
| 182-day | 13.987% | 14.126% | — | GHS 69m | GHS 17m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 20 April 2020, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-04-20
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