Ghana Treasury bills · auction of 1 January 2024
Ghana T-bill auction, 1 January 2024: 364-day at 32.49%, down 1 bps
At the Treasury bill auction dated 1 January 2024, the Bank of Ghana cleared the 91-day bill at 29.24% (up 19 basis points), the 182-day bill at 31.88% (up 75 basis points) and the 364-day bill at 32.49% (down 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.2bn and GHS 4.2bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 25.66% to 35.81%.
A year earlier the 364-day bill cleared at 36.10%, so the government is paying 362 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,249 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 13,249 after 12 months: GHS 3,249 in interest before any withholding tax, about GHS 271 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,594 on the 182-day bill (6 months), GHS 731 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 | 29.242% | 29.049% | — | GHS 2.15bn | GHS 2.15bn |
| 182-day | 31.883% | 31.137% | — | GHS 418m | GHS 416m |
| 364-day | 32.486% | 32.492% | — | GHS 1.65bn | GHS 1.65bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 1 January 2024, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-01-01
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