Ghana Treasury bills · auction of 14 February 2022
Ghana T-bill auction, 14 February 2022: 364-day at 16.99%, up 34 bps
At the Treasury bill auction dated 14 February 2022, the Bank of Ghana cleared the 91-day bill at 12.69% (up 2 basis points), the 182-day bill at 13.26% (up 2 basis points) and the 364-day bill at 16.99% (up 34 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.5bn and GHS 1.5bn was accepted, 100% of what was bid.
At 16.99%, the 364-day rate is the highest in the 20 auctions of the past year.
A year earlier the 364-day bill cleared at 16.96%, so the government is paying 3 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,699 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 11,699 after 12 months: GHS 1,699 in interest before any withholding tax, about GHS 142 a month.
That is GHS 34 more than the same money would have earned at the previous auction.
For shorter money: GHS 663 on the 182-day bill (6 months), GHS 317 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 | 12.685% | 12.665% | — | GHS 958m | GHS 956m |
| 182-day | 13.255% | 13.235% | — | GHS 130m | GHS 130m |
| 364-day | 16.987% | 16.644% | — | GHS 424m | GHS 423m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 14 February 2022, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-02-14
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