Ghana Treasury bills · auction of 22 August 2022
Ghana T-bill auction, 22 August 2022: 91-day at 27.72%, up 38 bps
At the Treasury bill auction dated 22 August 2022, the Bank of Ghana cleared the 91-day bill at 27.72% (up 38 basis points) and the 182-day bill at 29.29% (up 56 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.1bn and GHS 1.1bn was accepted, 100% of what was bid.
At 27.72%, the 91-day rate is the highest in the 38 auctions of the past year.
A year earlier the 91-day bill cleared at 12.47%, so the government is paying 1525 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,465 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 11,465 after 6 months: GHS 1,465 in interest before any withholding tax, about GHS 244 a month.
That is GHS 28 more than the same money would have earned at the previous auction.
For shorter money: GHS 693 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 | 27.721% | 27.342% | — | GHS 911m | GHS 911m |
| 182-day | 29.291% | 28.734% | — | GHS 186m | GHS 186m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 22 August 2022, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-08-22
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