Ghana Treasury bills · auction of 5 October 2020
Ghana T-bill auction, 5 October 2020: 364-day at 16.98%, down 1 bps
At the Treasury bill auction dated 5 October 2020, the Bank of Ghana cleared the 91-day bill at 14.05% (up 1 basis point), the 182-day bill at 14.14% (down 1 basis point) and the 364-day bill at 16.98% (down 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 831m and GHS 821m was accepted, 99% 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 93 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,698 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 11,698 after 12 months: GHS 1,698 in interest before any withholding tax, about GHS 142 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 707 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 | 14.046% | 14.036% | — | GHS 495m | GHS 495m |
| 182-day | 14.139% | 14.148% | — | GHS 104m | GHS 104m |
| 364-day | 16.980% | 16.987% | — | GHS 232m | GHS 222m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 5 October 2020, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-10-05
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