Ghana Treasury bills · auction of 12 July 2021
Ghana T-bill auction, 12 July 2021: 364-day at 16.32%, down 1 bps
At the Treasury bill auction dated 12 July 2021, the Bank of Ghana cleared the 91-day bill at 12.56% (down 2 basis points), the 182-day bill at 13.37% (down 1 basis point) and the 364-day bill at 16.32% (down 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.6bn and GHS 1.5bn was accepted, 98% of what was bid.
At 16.32%, the 364-day rate is the lowest in the 27 auctions of the past year.
A year earlier the 364-day bill cleared at 16.88%, so the government is paying 56 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,632 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 11,632 after 12 months: GHS 1,632 in interest before any withholding tax, about GHS 136 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 668 on the 182-day bill (6 months), GHS 314 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 | 12.564% | 12.587% | — | GHS 1.28bn | GHS 1.28bn |
| 182-day | 13.368% | 13.378% | — | GHS 124m | GHS 124m |
| 364-day | 16.320% | 16.333% | — | GHS 149m | GHS 126m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 12 July 2021, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-07-12
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