Ghana Treasury bills · auction of 19 October 2020
Ghana T-bill auction, 19 October 2020: 364-day at 17.00%, up 2 bps
At the Treasury bill auction dated 19 October 2020, the Bank of Ghana cleared the 91-day bill at 14.04% (down 2 basis points), the 182-day bill at 14.09% (down 2 basis points) and the 364-day bill at 17.00% (up 2 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 820m and GHS 794m was accepted, 97% 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 91 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,700 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 11,700 after 12 months: GHS 1,700 in interest before any withholding tax, about GHS 142 a month.
That is GHS 2 more than the same money would have earned at the previous auction.
For shorter money: GHS 704 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 | 14.038% | 14.054% | — | GHS 620m | GHS 620m |
| 182-day | 14.085% | 14.109% | — | GHS 56m | GHS 56m |
| 364-day | 16.997% | 16.980% | — | GHS 144m | GHS 119m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 19 October 2020, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-10-19
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