Ghana Treasury bills · auction of 18 May 2020
Ghana T-bill auction, 18 May 2020: 364-day at 16.70%, down 5 bps
At the Treasury bill auction dated 18 May 2020, the Bank of Ghana cleared the 91-day bill at 13.87% (down 8 basis points), the 182-day bill at 14.00% (down 2 basis points) and the 364-day bill at 16.70% (down 5 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 653m and GHS 653m was accepted, 100% of what was bid.
At 16.70%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 18.03%, so the government is paying 132 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,670 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 11,670 after 12 months: GHS 1,670 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 700 on the 182-day bill (6 months), GHS 347 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 | 13.870% | 13.950% | — | GHS 531m | GHS 531m |
| 182-day | 14.004% | 14.019% | — | GHS 85m | GHS 85m |
| 364-day | 16.704% | 16.751% | — | GHS 36m | GHS 36m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 18 May 2020, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-05-18
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