Ghana Treasury bills · auction of 21 September 2020
Ghana T-bill auction, 21 September 2020: 364-day at 16.99%, up 7 bps
At the Treasury bill auction dated 21 September 2020, the Bank of Ghana cleared the 91-day bill at 14.01% (down 2 basis points), the 182-day bill at 14.12% (up 3 basis points) and the 364-day bill at 16.99% (up 7 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 975m and GHS 974m 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 17.91%, so the government is paying 92 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,699 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 11,699 after 12 months: GHS 1,699 in interest before any withholding tax, about GHS 142 a month.
That is GHS 7 more than the same money would have earned at the previous auction.
For shorter money: GHS 706 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 | 14.006% | 14.022% | — | GHS 628m | GHS 628m |
| 182-day | 14.122% | 14.088% | — | GHS 103m | GHS 102m |
| 364-day | 16.987% | 16.913% | — | GHS 244m | GHS 244m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 21 September 2020, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-09-21
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