Ghana Treasury bills · auction of 21 February 2022
Ghana T-bill auction, 21 February 2022: 91-day at 12.91%, up 23 bps
At the Treasury bill auction dated 21 February 2022, the Bank of Ghana cleared the 91-day bill at 12.91% (up 23 basis points) and the 182-day bill at 13.29% (up 4 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 827m and GHS 827m was accepted, 100% of what was bid.
Over the past year the 91-day rate has ranged from 12.42% to 13.27%.
A year earlier the 91-day bill cleared at 13.23%, so the government is paying 32 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 665 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 10,665 after 6 months: GHS 665 in interest before any withholding tax, about GHS 111 a month.
That is GHS 2 more than the same money would have earned at the previous auction.
For shorter money: GHS 323 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 | 12.915% | 12.685% | — | GHS 715m | GHS 715m |
| 182-day | 13.294% | 13.255% | — | GHS 112m | GHS 112m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 21 February 2022, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-02-21
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