Ghana Treasury bills · auction of 1 March 2021
Ghana T-bill auction, 1 March 2021: 364-day at 16.80%, down 6 bps
At the Treasury bill auction dated 1 March 2021, the Bank of Ghana cleared the 91-day bill at 13.27% (up 16 basis points), the 182-day bill at 13.89% (down 6 basis points) and the 364-day bill at 16.80% (down 6 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.5bn and GHS 1.4bn was accepted, 90% 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 101 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,680 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 11,680 after 12 months: GHS 1,680 in interest before any withholding tax, about GHS 140 a month.
That is GHS 6 less than the same money would have earned at the previous auction.
For shorter money: GHS 695 on the 182-day bill (6 months), GHS 332 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 | 13.269% | 13.113% | — | GHS 1.17bn | GHS 1.01bn |
| 182-day | 13.892% | 13.950% | — | GHS 124m | GHS 124m |
| 364-day | 16.795% | 16.859% | — | GHS 235m | GHS 235m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 1 March 2021, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-03-01
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