Ghana Treasury bills · auction of 31 October 2022
Ghana T-bill auction, 31 October 2022: 364-day at 33.36%, up 129 bps
At the Treasury bill auction dated 31 October 2022, the Bank of Ghana cleared the 91-day bill at 32.70% (up 55 basis points), the 182-day bill at 34.26% (up 118 basis points) and the 364-day bill at 33.36% (up 129 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 704m and GHS 701m was accepted, 100% of what was bid.
At 33.36%, the 364-day rate is the highest in the 22 auctions of the past year.
A year earlier the 364-day bill cleared at 16.21%, so the government is paying 1714 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,336 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 13,336 after 12 months: GHS 3,336 in interest before any withholding tax, about GHS 278 a month.
That is GHS 129 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,713 on the 182-day bill (6 months), GHS 818 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 | 32.704% | 32.155% | — | GHS 497m | GHS 497m |
| 182-day | 34.263% | 33.078% | — | GHS 154m | GHS 152m |
| 364-day | 33.357% | 32.069% | — | GHS 52m | GHS 52m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 31 October 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-10-31
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