Ghana Treasury bills · auction of 20 September 2021
Ghana T-bill auction, 20 September 2021: 364-day at 16.14%, up 4 bps
At the Treasury bill auction dated 20 September 2021, the Bank of Ghana cleared the 91-day bill at 12.49% (up 4 basis points), the 182-day bill at 13.17% (down 4 basis points) and the 364-day bill at 16.14% (up 4 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.2bn and GHS 1.2bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 16.10% to 17.00%.
A year earlier the 364-day bill cleared at 16.91%, so the government is paying 78 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,614 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 11,614 after 12 months: GHS 1,614 in interest before any withholding tax, about GHS 134 a month.
That is GHS 4 more than the same money would have earned at the previous auction.
For shorter money: GHS 659 on the 182-day bill (6 months), GHS 312 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 | 12.495% | 12.451% | — | GHS 878m | GHS 878m |
| 182-day | 13.173% | 13.212% | — | GHS 137m | GHS 137m |
| 364-day | 16.136% | 16.099% | — | GHS 192m | GHS 192m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
Cite or reuse this data
Free to quote, chart and republish with the credit “Source: Afronomics, compiled from the Bank of Ghana” and a link to this page.
Afronomics (2026). Ghana Treasury bill auction, 20 September 2021, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-09-20
Free, every weekday at 7:00
The Afronomics Morning
Africa’s markets before 7am: the currencies that moved overnight, the auction results that landed, what is due today and the headlines that matter. Plus the Weekly every Monday.