Ghana Treasury bills · auction of 15 February 2021
Ghana T-bill auction, 15 February 2021: 364-day at 16.86%, down 10 bps
At the Treasury bill auction dated 15 February 2021, the Bank of Ghana cleared the 91-day bill at 13.23% (down 58 basis points), the 182-day bill at 13.96% (down 5 basis points) and the 364-day bill at 16.86% (down 10 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.3bn and GHS 1.3bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 16.70% to 17.80%.
A year earlier the 364-day bill cleared at 17.81%, so the government is paying 95 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,686 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 11,686 after 12 months: GHS 1,686 in interest before any withholding tax, about GHS 140 a month.
That is GHS 10 less than the same money would have earned at the previous auction.
For shorter money: GHS 698 on the 182-day bill (6 months), GHS 331 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 | 13.232% | 13.817% | — | GHS 1.10bn | GHS 1.10bn |
| 182-day | 13.964% | 14.010% | — | GHS 122m | GHS 122m |
| 364-day | 16.859% | 16.960% | — | GHS 102m | GHS 102m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 15 February 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-02-15
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