Ghana Treasury bills · auction of 19 September 2022
Ghana T-bill auction, 19 September 2022: 364-day at 30.47%, up 46 bps
At the Treasury bill auction dated 19 September 2022, the Bank of Ghana cleared the 91-day bill at 29.91% (up 42 basis points), the 182-day bill at 31.14% (up 9 basis points) and the 364-day bill at 30.47% (up 46 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.9bn and GHS 1.9bn was accepted, 99% of what was bid.
At 30.47%, the 364-day rate is the highest in the 20 auctions of the past year.
A year earlier the 364-day bill cleared at 16.10%, so the government is paying 1437 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,047 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 13,047 after 12 months: GHS 3,047 in interest before any withholding tax, about GHS 254 a month.
That is GHS 46 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,557 on the 182-day bill (6 months), GHS 748 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 | 29.907% | 29.484% | — | GHS 1.53bn | GHS 1.52bn |
| 182-day | 31.144% | 31.053% | — | GHS 262m | GHS 249m |
| 364-day | 30.473% | 30.017% | — | GHS 147m | GHS 147m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 19 September 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-09-19
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