Ghana Treasury bills · auction of 2 May 2022
Ghana T-bill auction, 2 May 2022: 91-day at 17.41%, up 63 bps
At the Treasury bill auction dated 2 May 2022, the Bank of Ghana cleared the 91-day bill at 17.41% (up 63 basis points) and the 182-day bill at 18.53% (up 110 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 453m and GHS 453m was accepted, 100% of what was bid.
At 17.41%, the 91-day rate is the highest in the 40 auctions of the past year.
A year earlier the 91-day bill cleared at 12.78%, so the government is paying 463 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 926 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 10,926 after 6 months: GHS 926 in interest before any withholding tax, about GHS 154 a month.
That is GHS 55 more than the same money would have earned at the previous auction.
For shorter money: GHS 435 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 | 17.409% | 16.781% | — | GHS 343m | GHS 343m |
| 182-day | 18.527% | 17.424% | — | GHS 111m | GHS 111m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 2 May 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-05-02
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