Ghana Treasury bills · auction of 12 February 2024
Ghana T-bill auction, 12 February 2024: 364-day at 31.00%, down 40 bps
At the Treasury bill auction dated 12 February 2024, the Bank of Ghana cleared the 91-day bill at 28.00% (down 30 basis points), the 182-day bill at 30.44% (down 36 basis points) and the 364-day bill at 31.00% (down 40 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 7.0bn and GHS 6.8bn was accepted, 98% of what was bid.
Over the past year the 364-day rate has ranged from 25.66% to 34.21%.
A year earlier the 364-day bill cleared at 35.81%, so the government is paying 481 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,100 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 13,100 after 12 months: GHS 3,100 in interest before any withholding tax, about GHS 258 a month.
That is GHS 40 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,522 on the 182-day bill (6 months), GHS 700 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 | 27.997% | 28.298% | — | GHS 3.05bn | GHS 2.93bn |
| 182-day | 30.438% | 30.794% | — | GHS 1.63bn | GHS 1.63bn |
| 364-day | 31.000% | 31.399% | — | GHS 2.29bn | GHS 2.29bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 12 February 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-02-12
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