Ghana Treasury bills · auction of 14 November 2022
Ghana T-bill auction, 14 November 2022: 364-day at 35.08%, up 28 bps
At the Treasury bill auction dated 14 November 2022, the Bank of Ghana cleared the 91-day bill at 34.39% (up 105 basis points), the 182-day bill at 35.50% (up 65 basis points) and the 364-day bill at 35.08% (up 28 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.0bn and GHS 2.0bn was accepted, 100% of what was bid.
At 35.08%, the 364-day rate is the highest in the 23 auctions of the past year.
A year earlier the 364-day bill cleared at 16.29%, so the government is paying 1879 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,508 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 13,508 after 12 months: GHS 3,508 in interest before any withholding tax, about GHS 292 a month.
That is GHS 28 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,775 on the 182-day bill (6 months), GHS 860 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 | 34.395% | 33.341% | — | GHS 1.83bn | GHS 1.83bn |
| 182-day | 35.499% | 34.851% | — | GHS 146m | GHS 142m |
| 364-day | 35.077% | 34.798% | — | GHS 10m | GHS 8m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 14 November 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-11-14
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