Ghana Treasury bills · auction of 23 August 2021
Ghana T-bill auction, 23 August 2021: 91-day at 12.42%, down 5 bps
At the Treasury bill auction dated 23 August 2021, the Bank of Ghana cleared the 91-day bill at 12.42% (down 5 basis points) and the 182-day bill at 13.21% (down 5 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 643m and GHS 643m was accepted, 100% of what was bid.
At 12.42%, the 91-day rate is the lowest in the 51 auctions of the past year.
A year earlier the 91-day bill cleared at 14.00%, so the government is paying 158 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 660 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 10,660 after 6 months: GHS 660 in interest before any withholding tax, about GHS 110 a month.
That is GHS 2 less than the same money would have earned at the previous auction.
For shorter money: GHS 311 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 | 12.423% | 12.470% | — | GHS 534m | GHS 534m |
| 182-day | 13.207% | 13.255% | — | GHS 109m | GHS 109m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 23 August 2021, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-08-23
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