Ghana Treasury bills · auction of 15 March 2021
Ghana T-bill auction, 15 March 2021: 364-day at 16.67%, down 9 bps
At the Treasury bill auction dated 15 March 2021, the Bank of Ghana cleared the 91-day bill at 13.02% (down 2 basis points), the 182-day bill at 13.85% (down 1 basis point) and the 364-day bill at 16.67% (down 9 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.8bn and GHS 1.5bn was accepted, 82% of what was bid.
At 16.67%, the 364-day rate is the lowest in the 26 auctions of the past year.
A year earlier the 364-day bill cleared at 17.79%, so the government is paying 112 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,667 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 11,667 after 12 months: GHS 1,667 in interest before any withholding tax, about GHS 139 a month.
That is GHS 9 less than the same money would have earned at the previous auction.
For shorter money: GHS 692 on the 182-day bill (6 months), GHS 326 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 | 13.025% | 13.049% | — | GHS 985m | GHS 715m |
| 182-day | 13.849% | 13.863% | — | GHS 681m | GHS 674m |
| 364-day | 16.666% | 16.757% | — | GHS 137m | GHS 95m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 15 March 2021, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-03-15
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