Ghana Treasury bills · auction of 25 March 2024
Ghana T-bill auction, 25 March 2024: 364-day at 29.10%, down 50 bps
At the Treasury bill auction dated 25 March 2024, the Bank of Ghana cleared the 91-day bill at 26.00% (down 50 basis points), the 182-day bill at 28.50% (down 50 basis points) and the 364-day bill at 29.10% (down 50 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 26.90% to 33.70%.
A year earlier the 364-day bill cleared at 26.82%, so the government is paying 228 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,910 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 12,910 after 12 months: GHS 2,910 in interest before any withholding tax, about GHS 242 a month.
That is GHS 50 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,425 on the 182-day bill (6 months), GHS 650 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 | 25.999% | 26.499% | — | GHS 2.50bn | GHS 2.49bn |
| 182-day | 28.496% | 28.998% | — | GHS 1.34bn | GHS 1.34bn |
| 364-day | 29.100% | 29.599% | — | GHS 927m | GHS 927m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 25 March 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-03-25
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