Ghana Treasury bills · auction of 7 November 2022
Ghana T-bill auction, 7 November 2022: 364-day at 34.80%, up 144 bps
At the Treasury bill auction dated 7 November 2022, the Bank of Ghana cleared the 91-day bill at 33.34% (up 64 basis points), the 182-day bill at 34.85% (up 59 basis points) and the 364-day bill at 34.80% (up 144 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.2bn and GHS 1.2bn was accepted, 100% of what was bid.
At 34.80%, 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 1858 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,480 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 13,480 after 12 months: GHS 3,480 in interest before any withholding tax, about GHS 290 a month.
That is GHS 144 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,743 on the 182-day bill (6 months), GHS 834 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 | 33.341% | 32.704% | — | GHS 1.07bn | GHS 1.07bn |
| 182-day | 34.851% | 34.263% | — | GHS 141m | GHS 141m |
| 364-day | 34.798% | 33.357% | — | GHS 22m | GHS 22m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 7 November 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-11-07
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