Ghana Treasury bills · auction of 22 March 2021
Ghana T-bill auction, 22 March 2021: 91-day at 12.90%, down 13 bps
At the Treasury bill auction dated 22 March 2021, the Bank of Ghana cleared the 91-day bill at 12.90% (down 13 basis points) and the 182-day bill at 13.66% (down 19 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.1bn and GHS 1.1bn was accepted, 100% of what was bid.
At 12.90%, the 91-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 91-day bill cleared at 14.76%, so the government is paying 186 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 683 in 6 months on the 182-day bill
Put GHS 10,000 into the 182-day bill at this auction and you get back GHS 10,683 after 6 months: GHS 683 in interest before any withholding tax, about GHS 114 a month.
That is GHS 10 less than the same money would have earned at the previous auction.
For shorter money: GHS 322 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 | 12.896% | 13.025% | — | GHS 984m | GHS 984m |
| 182-day | 13.657% | 13.849% | — | GHS 135m | GHS 135m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 22 March 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-03-22
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