Ghana Treasury bills · auction of 7 September 2020
Ghana T-bill auction, 7 September 2020: 364-day at 16.91%, up 8 bps
At the Treasury bill auction dated 7 September 2020, the Bank of Ghana cleared the 91-day bill at 14.02% (down 4 basis points), the 182-day bill at 14.11% (up 3 basis points) and the 364-day bill at 16.91% (up 8 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.0bn and GHS 1.0bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 16.70% to 17.92%.
A year earlier the 364-day bill cleared at 17.92%, so the government is paying 101 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,691 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 11,691 after 12 months: GHS 1,691 in interest before any withholding tax, about GHS 141 a month.
That is GHS 8 more than the same money would have earned at the previous auction.
For shorter money: GHS 705 on the 182-day bill (6 months), GHS 350 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 | 14.017% | 14.060% | — | GHS 901m | GHS 901m |
| 182-day | 14.106% | 14.077% | — | GHS 71m | GHS 71m |
| 364-day | 16.913% | 16.834% | — | GHS 55m | GHS 55m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 7 September 2020, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-09-07
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