Ghana Treasury bills · auction of 21 December 2020
Ghana T-bill auction, 21 December 2020: 364-day at 17.00%, up 1 bps
At the Treasury bill auction dated 21 December 2020, the Bank of Ghana cleared the 91-day bill at 14.09% (up 1 basis point), the 182-day bill at 14.13% (up 2 basis points) and the 364-day bill at 17.00% (up 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 972m and GHS 972m was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 16.70% to 17.88%.
A year earlier the 364-day bill cleared at 17.90%, so the government is paying 90 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 1 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 352 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 | 14.087% | 14.077% | — | GHS 760m | GHS 760m |
| 182-day | 14.128% | 14.113% | — | GHS 155m | GHS 155m |
| 364-day | 16.997% | 16.988% | — | GHS 57m | GHS 57m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 21 December 2020, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2020-12-21
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