Ghana Treasury bills · auction of 17 May 2021
Ghana T-bill auction, 17 May 2021: 364-day at 16.42%, down 11 bps
At the Treasury bill auction dated 17 May 2021, the Bank of Ghana cleared the 91-day bill at 12.79% (unchanged), the 182-day bill at 13.55% (down 2 basis points) and the 364-day bill at 16.42% (down 11 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.3bn and GHS 1.2bn was accepted, 93% of what was bid.
At 16.42%, the 364-day rate is the lowest in the 25 auctions of the past year.
A year earlier the 364-day bill cleared at 16.75%, so the government is paying 33 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,642 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 11,642 after 12 months: GHS 1,642 in interest before any withholding tax, about GHS 137 a month.
That is GHS 11 less than the same money would have earned at the previous auction.
For shorter money: GHS 678 on the 182-day bill (6 months), GHS 320 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 | 12.788% | 12.790% | — | GHS 1.04bn | GHS 953m |
| 182-day | 13.552% | 13.571% | — | GHS 176m | GHS 168m |
| 364-day | 16.419% | 16.526% | — | GHS 105m | GHS 105m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 17 May 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-05-17
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