Ghana Treasury bills · auction of 30 May 2022
Ghana T-bill auction, 30 May 2022: 364-day at 24.46%, up 291 bps
At the Treasury bill auction dated 30 May 2022, the Bank of Ghana cleared the 91-day bill at 19.94% (up 86 basis points), the 182-day bill at 22.95% (up 219 basis points) and the 364-day bill at 24.46% (up 291 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.2bn and GHS 1.1bn was accepted, 97% of what was bid.
At 24.46%, the 364-day rate is the highest in the 20 auctions of the past year.
A year earlier the 364-day bill cleared at 16.49%, so the government is paying 798 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,446 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 12,446 after 12 months: GHS 2,446 in interest before any withholding tax, about GHS 204 a month.
That is GHS 292 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,147 on the 182-day bill (6 months), GHS 498 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 | 19.939% | 19.081% | — | GHS 878m | GHS 878m |
| 182-day | 22.950% | 20.764% | — | GHS 151m | GHS 145m |
| 364-day | 24.464% | 21.549% | — | GHS 129m | GHS 102m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 30 May 2022, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-05-30
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