Ghana Treasury bills · auction of 29 January 2024
Ghana T-bill auction, 29 January 2024: 364-day at 31.80%, down 20 bps
At the Treasury bill auction dated 29 January 2024, the Bank of Ghana cleared the 91-day bill at 28.59% (down 29 basis points), the 182-day bill at 31.10% (down 30 basis points) and the 364-day bill at 31.80% (down 20 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.6bn and GHS 5.5bn was accepted, 98% of what was bid.
Over the past year the 364-day rate has ranged from 25.66% to 35.62%.
A year earlier the 364-day bill cleared at 35.89%, so the government is paying 410 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,180 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 13,180 after 12 months: GHS 3,180 in interest before any withholding tax, about GHS 265 a month.
That is GHS 20 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,555 on the 182-day bill (6 months), GHS 715 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 | 28.591% | 28.884% | — | GHS 2.84bn | GHS 2.73bn |
| 182-day | 31.098% | 31.396% | — | GHS 1.53bn | GHS 1.53bn |
| 364-day | 31.798% | 31.997% | — | GHS 1.23bn | GHS 1.23bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 29 January 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-01-29
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