Ghana Treasury bills · auction of 15 August 2022
Ghana T-bill auction, 15 August 2022: 364-day at 28.83%, up 97 bps
At the Treasury bill auction dated 15 August 2022, the Bank of Ghana cleared the 91-day bill at 27.34% (up 63 basis points), the 182-day bill at 28.73% (up 48 basis points) and the 364-day bill at 28.83% (up 97 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.9bn and GHS 1.8bn was accepted, 99% of what was bid.
At 28.83%, the 364-day rate is the highest in the 19 auctions of the past year.
A year earlier the 364-day bill cleared at 16.29%, so the government is paying 1254 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,883 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 12,883 after 12 months: GHS 2,883 in interest before any withholding tax, about GHS 240 a month.
That is GHS 97 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,437 on the 182-day bill (6 months), GHS 684 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 | 27.342% | 26.715% | — | GHS 1.45bn | GHS 1.43bn |
| 182-day | 28.734% | 28.255% | — | GHS 282m | GHS 282m |
| 364-day | 28.825% | 27.855% | — | GHS 131m | GHS 129m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 15 August 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-08-15
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