Ghana Treasury bills · auction of 17 February 2025
Ghana T-bill auction, 17 February 2025: 364-day at 29.07%, down 130 bps
At the Treasury bill auction dated 17 February 2025, the Bank of Ghana cleared the 91-day bill at 26.86% (down 113 basis points), the 182-day bill at 27.81% (down 88 basis points) and the 364-day bill at 29.07% (down 130 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 17.7bn and GHS 9.4bn was accepted, 53% of what was bid.
Over the past year the 364-day rate has ranged from 27.79% to 30.41%.
A year earlier the 364-day bill cleared at 31.00%, so the government is paying 193 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,907 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 12,907 after 12 months: GHS 2,907 in interest before any withholding tax, about GHS 242 a month.
That is GHS 130 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,390 on the 182-day bill (6 months), GHS 671 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 | 26.859% | 27.985% | — | GHS 6.82bn | GHS 5.23bn |
| 182-day | 27.806% | 28.686% | — | GHS 4.59bn | GHS 1.46bn |
| 364-day | 29.075% | 30.370% | — | GHS 6.28bn | GHS 2.75bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 17 February 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-02-17
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