Ghana Treasury bills · auction of 27 April 2020
Ghana T-bill auction, 27 April 2020: 364-day at 16.74%, down 5 bps
At the Treasury bill auction dated 27 April 2020, the Bank of Ghana cleared the 91-day bill at 14.03% (up 17 basis points), the 182-day bill at 14.03% (up 4 basis points) and the 364-day bill at 16.74% (down 5 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.1bn and GHS 1.1bn was accepted, 99% of what was bid.
At 16.74%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 18.05%, so the government is paying 131 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,674 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 11,674 after 12 months: GHS 1,674 in interest before any withholding tax, about GHS 139 a month.
That is GHS 5 less than the same money would have earned at the previous auction.
For shorter money: GHS 702 on the 182-day bill (6 months), GHS 351 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 | 14.025% | 13.857% | — | GHS 833m | GHS 821m |
| 182-day | 14.032% | 13.987% | — | GHS 173m | GHS 173m |
| 364-day | 16.739% | 16.786% | — | GHS 141m | GHS 141m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 27 April 2020, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-04-27
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