Ghana Treasury bills · auction of 4 July 2022
Ghana T-bill auction, 4 July 2022: 91-day at 25.88%, up 24 bps
At the Treasury bill auction dated 4 July 2022, the Bank of Ghana cleared the 91-day bill at 25.88% (up 24 basis points) and the 182-day bill at 26.57% (up 17 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 927m and GHS 828m was accepted, 89% of what was bid.
At 25.88%, the 91-day rate is the highest in the 40 auctions of the past year.
A year earlier the 91-day bill cleared at 12.62%, so the government is paying 1326 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,329 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 11,329 after 6 months: GHS 1,329 in interest before any withholding tax, about GHS 221 a month.
That is GHS 9 more than the same money would have earned at the previous auction.
For shorter money: GHS 647 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 | 25.882% | 25.638% | — | GHS 650m | GHS 598m |
| 182-day | 26.572% | 26.401% | — | GHS 277m | GHS 230m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 4 July 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-07-04
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