Ghana Treasury bills · auction of 13 December 2021
Ghana T-bill auction, 13 December 2021: 364-day at 16.36%, up 7 bps
At the Treasury bill auction dated 13 December 2021, the Bank of Ghana cleared the 91-day bill at 12.47% (down 1 basis point), the 182-day bill at 13.19% (up 3 basis points) and the 364-day bill at 16.36% (up 7 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 780m and GHS 780m 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 16.97%, so the government is paying 61 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,636 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 11,636 after 12 months: GHS 1,636 in interest before any withholding tax, about GHS 136 a month.
That is GHS 7 more than the same money would have earned at the previous auction.
For shorter money: GHS 660 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 | 12.472% | 12.478% | — | GHS 560m | GHS 560m |
| 182-day | 13.194% | 13.162% | — | GHS 167m | GHS 167m |
| 364-day | 16.361% | 16.286% | — | GHS 54m | GHS 54m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 13 December 2021, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2021-12-13
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