Ghana Treasury bills · auction of 21 March 2022
Ghana T-bill auction, 21 March 2022: 91-day at 13.42%, up 16 bps
At the Treasury bill auction dated 21 March 2022, the Bank of Ghana cleared the 91-day bill at 13.42% (up 16 basis points) and the 182-day bill at 13.61% (up 6 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.
At 13.42%, the 91-day rate is the highest in the 41 auctions of the past year.
A year earlier the 91-day bill cleared at 13.02%, so the government is paying 39 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 680 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 10,680 after 6 months: GHS 680 in interest before any withholding tax, about GHS 113 a month.
That is GHS 3 more than the same money would have earned at the previous auction.
For shorter money: GHS 335 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 | 13.415% | 13.254% | — | GHS 1.06bn | GHS 1.06bn |
| 182-day | 13.610% | 13.552% | — | GHS 114m | GHS 114m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 21 March 2022, compiled from the Bank of Ghana. Retrieved 3 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-03-21
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