Ghana Treasury bills · auction of 12 December 2022
Ghana T-bill auction, 12 December 2022: 364-day at 36.19%, up 29 bps
At the Treasury bill auction dated 12 December 2022, the Bank of Ghana cleared the 91-day bill at 35.57% (up 3 basis points), the 182-day bill at 36.53% (up 15 basis points) and the 364-day bill at 36.19% (up 29 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.2bn and GHS 2.4bn was accepted, 76% of what was bid.
At 36.19%, the 364-day rate is the highest in the 24 auctions of the past year.
A year earlier the 364-day bill cleared at 16.29%, so the government is paying 1990 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,619 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 13,619 after 12 months: GHS 3,619 in interest before any withholding tax, about GHS 302 a month.
That is GHS 29 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,826 on the 182-day bill (6 months), GHS 889 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 | 35.569% | 35.543% | — | GHS 2.11bn | GHS 1.42bn |
| 182-day | 36.529% | 36.377% | — | GHS 987m | GHS 921m |
| 364-day | 36.187% | 35.896% | — | GHS 62m | GHS 62m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 12 December 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-12-12
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