Ghana Treasury bills · auction of 22 January 2024
Ghana T-bill auction, 22 January 2024: 364-day at 32.00%, down 9 bps
At the Treasury bill auction dated 22 January 2024, the Bank of Ghana cleared the 91-day bill at 28.88% (down 16 basis points), the 182-day bill at 31.40% (down 12 basis points) and the 364-day bill at 32.00% (down 9 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.3bn and GHS 5.3bn 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 35.89%, so the government is paying 390 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,200 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 13,200 after 12 months: GHS 3,200 in interest before any withholding tax, about GHS 267 a month.
That is GHS 9 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,570 on the 182-day bill (6 months), GHS 722 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 | 28.884% | 29.040% | — | GHS 2.63bn | GHS 2.63bn |
| 182-day | 31.396% | 31.515% | — | GHS 1.32bn | GHS 1.32bn |
| 364-day | 31.997% | 32.083% | — | GHS 1.31bn | GHS 1.31bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 22 January 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-01-22
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