Ghana Treasury bills · auction of 4 March 2024
Ghana T-bill auction, 4 March 2024: 364-day at 30.10%, down 20 bps
At the Treasury bill auction dated 4 March 2024, the Bank of Ghana cleared the 91-day bill at 27.00% (down 28 basis points), the 182-day bill at 29.50% (down 25 basis points) and the 364-day bill at 30.10% (down 20 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.0bn and GHS 4.9bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 25.66% to 33.70%.
A year earlier the 364-day bill cleared at 34.21%, so the government is paying 411 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,010 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 13,010 after 12 months: GHS 3,010 in interest before any withholding tax, about GHS 251 a month.
That is GHS 20 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,475 on the 182-day bill (6 months), GHS 675 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 | 26.999% | 27.283% | — | GHS 1.83bn | GHS 1.83bn |
| 182-day | 29.497% | 29.749% | — | GHS 1.87bn | GHS 1.84bn |
| 364-day | 30.099% | 30.300% | — | GHS 1.26bn | GHS 1.26bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 4 March 2024, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-03-04
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