Ghana Treasury bills · auction of 19 December 2022
Ghana T-bill auction, 19 December 2022: 364-day at 36.10%, down 8 bps
At the Treasury bill auction dated 19 December 2022, the Bank of Ghana cleared the 91-day bill at 34.93% (down 64 basis points), the 182-day bill at 36.03% (down 50 basis points) and the 364-day bill at 36.10% (down 8 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.9bn and GHS 3.7bn was accepted, 93% of what was bid.
Over the past year the 364-day rate has ranged from 16.64% to 36.19%.
A year earlier the 364-day bill cleared at 16.36%, so the government is paying 1974 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,610 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 13,610 after 12 months: GHS 3,610 in interest before any withholding tax, about GHS 301 a month.
That is GHS 8 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,802 on the 182-day bill (6 months), GHS 873 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 | 34.928% | 35.569% | — | GHS 2.40bn | GHS 2.39bn |
| 182-day | 36.034% | 36.529% | — | GHS 779m | GHS 691m |
| 364-day | 36.104% | 36.187% | — | GHS 747m | GHS 587m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 19 December 2022, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2022-12-19
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