Ghana Treasury bills · auction of 18 April 2022
Ghana T-bill auction, 18 April 2022: 364-day at 18.85%, up 58 bps
At the Treasury bill auction dated 18 April 2022, the Bank of Ghana cleared the 91-day bill at 16.33% (up 59 basis points), the 182-day bill at 16.32% (up 39 basis points) and the 364-day bill at 18.85% (up 58 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 788m and GHS 777m was accepted, 99% of what was bid.
At 18.85%, the 364-day rate is the highest in the 19 auctions of the past year.
A year earlier the 364-day bill cleared at 16.45%, so the government is paying 241 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,885 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 11,885 after 12 months: GHS 1,885 in interest before any withholding tax, about GHS 157 a month.
That is GHS 58 more than the same money would have earned at the previous auction.
For shorter money: GHS 816 on the 182-day bill (6 months), GHS 408 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 | 16.329% | 15.741% | — | GHS 722m | GHS 712m |
| 182-day | 16.316% | 15.926% | — | GHS 51m | GHS 51m |
| 364-day | 18.851% | 18.274% | — | GHS 15m | GHS 14m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 18 April 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-04-18
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