Ghana Treasury bills · auction of 23 September 2024
Ghana T-bill auction, 23 September 2024: 364-day at 28.08%, up 1 bps
At the Treasury bill auction dated 23 September 2024, the Bank of Ghana cleared the 91-day bill at 25.01% (up 9 basis points), the 182-day bill at 26.82% (up 1 basis point) and the 364-day bill at 28.08% (up 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.4bn and GHS 4.4bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 27.79% to 33.70%.
A year earlier the 364-day bill cleared at 32.17%, so the government is paying 409 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,808 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 12,808 after 12 months: GHS 2,808 in interest before any withholding tax, about GHS 234 a month.
That is GHS 1 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,341 on the 182-day bill (6 months), GHS 625 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 | 25.010% | 24.916% | — | GHS 3.78bn | GHS 3.78bn |
| 182-day | 26.815% | 26.801% | — | GHS 441m | GHS 441m |
| 364-day | 28.079% | 28.074% | — | GHS 175m | GHS 175m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 23 September 2024, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2024-09-23
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