Ghana Treasury bills · auction of 28 February 2022
Ghana T-bill auction, 28 February 2022: 364-day at 16.96%, down 3 bps
At the Treasury bill auction dated 28 February 2022, the Bank of Ghana cleared the 91-day bill at 13.03% (up 11 basis points), the 182-day bill at 13.31% (up 1 basis point) and the 364-day bill at 16.96% (down 3 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 16.99%.
A year earlier the 364-day bill cleared at 16.86%, so the government is paying 10 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,696 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 11,696 after 12 months: GHS 1,696 in interest before any withholding tax, about GHS 141 a month.
That is GHS 3 less than the same money would have earned at the previous auction.
For shorter money: GHS 665 on the 182-day bill (6 months), GHS 326 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 | 13.027% | 12.915% | — | GHS 864m | GHS 864m |
| 182-day | 13.309% | 13.294% | — | GHS 146m | GHS 146m |
| 364-day | 16.957% | 16.987% | — | GHS 203m | GHS 203m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 28 February 2022, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-02-28
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