Ghana Treasury bills · auction of 9 May 2022
Ghana T-bill auction, 9 May 2022: 364-day at 20.65%, up 98 bps
At the Treasury bill auction dated 9 May 2022, the Bank of Ghana cleared the 91-day bill at 17.88% (up 47 basis points), the 182-day bill at 18.81% (up 28 basis points) and the 364-day bill at 20.65% (up 98 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 953m and GHS 953m was accepted, 100% of what was bid.
At 20.65%, the 364-day rate is the highest in the 20 auctions of the past year.
A year earlier the 364-day bill cleared at 16.53%, so the government is paying 413 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,065 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 12,065 after 12 months: GHS 2,065 in interest before any withholding tax, about GHS 172 a month.
That is GHS 98 more than the same money would have earned at the previous auction.
For shorter money: GHS 940 on the 182-day bill (6 months), GHS 447 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 | 17.880% | 17.409% | — | GHS 812m | GHS 812m |
| 182-day | 18.806% | 18.527% | — | GHS 107m | GHS 107m |
| 364-day | 20.652% | 19.674% | — | GHS 34m | GHS 33m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 9 May 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-05-09
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