Ghana Treasury bills · auction of 3 March 2025
Ghana T-bill auction, 3 March 2025: 364-day at 22.70%, down 638 bps
At the Treasury bill auction dated 3 March 2025, the Bank of Ghana cleared the 91-day bill at 20.79% (down 607 basis points), the 182-day bill at 22.99% (down 482 basis points) and the 364-day bill at 22.70% (down 638 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 18.2bn and GHS 7.4bn was accepted, 41% of what was bid.
At 22.70%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 30.30%, so the government is paying 760 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,270 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 12,270 after 12 months: GHS 2,270 in interest before any withholding tax, about GHS 189 a month.
That is GHS 638 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,149 on the 182-day bill (6 months), GHS 520 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 | 20.791% | 26.859% | — | GHS 6.21bn | GHS 2.38bn |
| 182-day | 22.985% | 27.806% | — | GHS 3.32bn | GHS 3.02bn |
| 364-day | 22.699% | 29.075% | — | GHS 8.72bn | GHS 2.02bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 3 March 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-03-03
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