Ghana Treasury bills · auction of 4 May 2020
Ghana T-bill auction, 4 May 2020: 91-day at 13.92%, down 10 bps
At the Treasury bill auction dated 4 May 2020, the Bank of Ghana cleared the 91-day bill at 13.92% (down 10 basis points) and the 182-day bill at 14.01% (down 3 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 623m and GHS 623m was accepted, 100% of what was bid.
Over the past year the 91-day rate has ranged from 13.86% to 14.92%.
A year earlier the 91-day bill cleared at 14.67%, so the government is paying 75 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 700 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 10,700 after 6 months: GHS 700 in interest before any withholding tax, about GHS 117 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 348 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 | 13.924% | 14.025% | — | GHS 484m | GHS 484m |
| 182-day | 14.007% | 14.032% | — | GHS 139m | GHS 139m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 4 May 2020, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-05-04
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