Ghana Treasury bills · auction of 24 May 2021
Ghana T-bill auction, 24 May 2021: 91-day at 12.76%, down 3 bps
At the Treasury bill auction dated 24 May 2021, the Bank of Ghana cleared the 91-day bill at 12.76% (down 3 basis points) and the 182-day bill at 13.54% (down 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 629m and GHS 629m was accepted, 100% of what was bid.
At 12.76%, the 91-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 91-day bill cleared at 13.87%, so the government is paying 111 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 677 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 10,677 after 6 months: GHS 677 in interest before any withholding tax, about GHS 113 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 319 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 | 12.757% | 12.788% | — | GHS 476m | GHS 476m |
| 182-day | 13.540% | 13.552% | — | GHS 152m | GHS 152m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 24 May 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-05-24
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