Ghana Treasury bills · auction of 25 January 2021
Ghana T-bill auction, 25 January 2021: 364-day at 16.96%, unchanged
At the Treasury bill auction dated 25 January 2021, the Bank of Ghana cleared the 91-day bill at 14.08% (down 1 basis point), the 182-day bill at 14.13% (down 1 basis point) and the 364-day bill at 16.96% (unchanged). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.6bn and GHS 1.3bn was accepted, 77% of what was bid.
Over the past year the 364-day rate has ranged from 16.70% to 17.81%.
A year earlier the 364-day bill cleared at 17.83%, so the government is paying 87 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,696 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 11,696 after 12 months: GHS 1,696 in interest before any withholding tax, about GHS 141 a month.
That is the same as at the previous auction.
For shorter money: GHS 707 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 | 14.083% | 14.088% | — | GHS 1.05bn | GHS 756m |
| 182-day | 14.133% | 14.143% | — | GHS 215m | GHS 157m |
| 364-day | 16.965% | 16.964% | — | GHS 355m | GHS 339m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 25 January 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-01-25
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