Ghana Treasury bills · auction of 20 January 2025
Ghana T-bill auction, 20 January 2025: 364-day at 30.29%, up 11 bps
At the Treasury bill auction dated 20 January 2025, the Bank of Ghana cleared the 91-day bill at 28.42% (up 8 basis points), the 182-day bill at 28.97% (up 1 basis point) and the 364-day bill at 30.29% (up 11 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 8.9bn and GHS 8.8bn was accepted, 99% of what was bid.
Over the past year the 364-day rate has ranged from 27.79% to 31.80%.
A year earlier the 364-day bill cleared at 32.08%, so the government is paying 180 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,029 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 13,029 after 12 months: GHS 3,029 in interest before any withholding tax, about GHS 252 a month.
That is GHS 11 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,449 on the 182-day bill (6 months), GHS 710 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 | 28.417% | 28.338% | — | GHS 5.69bn | GHS 5.65bn |
| 182-day | 28.971% | 28.964% | — | GHS 1.32bn | GHS 1.31bn |
| 364-day | 30.287% | 30.176% | — | GHS 1.88bn | GHS 1.88bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 20 January 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-01-20
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