Ghana Treasury bills · auction of 11 March 2024
Ghana T-bill auction, 11 March 2024: 364-day at 29.85%, down 25 bps
At the Treasury bill auction dated 11 March 2024, the Bank of Ghana cleared the 91-day bill at 26.75% (down 25 basis points), the 182-day bill at 29.25% (down 25 basis points) and the 364-day bill at 29.85% (down 25 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.8bn and GHS 4.8bn 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 27.54%, so the government is paying 231 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,985 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 12,985 after 12 months: GHS 2,985 in interest before any withholding tax, about GHS 249 a month.
That is GHS 25 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,462 on the 182-day bill (6 months), GHS 669 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 | 26.746% | 26.999% | — | GHS 2.72bn | GHS 2.72bn |
| 182-day | 29.249% | 29.497% | — | GHS 919m | GHS 919m |
| 364-day | 29.850% | 30.099% | — | GHS 1.19bn | GHS 1.19bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 11 March 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-03-11
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