Ghana Treasury bills · auction of 12 September 2022
Ghana T-bill auction, 12 September 2022: 91-day at 29.48%, up 44 bps
At the Treasury bill auction dated 12 September 2022, the Bank of Ghana cleared the 91-day bill at 29.48% (up 44 basis points) and the 182-day bill at 31.05% (up 83 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.3bn and GHS 2.2bn was accepted, 97% of what was bid.
At 29.48%, the 91-day rate is the highest in the 38 auctions of the past year.
A year earlier the 91-day bill cleared at 12.45%, so the government is paying 1703 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,553 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 11,553 after 6 months: GHS 1,553 in interest before any withholding tax, about GHS 259 a month.
That is GHS 41 more than the same money would have earned at the previous auction.
For shorter money: GHS 737 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 | 29.484% | 29.045% | — | GHS 1.43bn | GHS 1.41bn |
| 182-day | 31.053% | 30.227% | — | GHS 861m | GHS 816m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 12 September 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-09-12
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