Ghana Treasury bills · auction of 17 March 2025
Ghana T-bill auction, 17 March 2025: 364-day at 18.97%, down 373 bps
At the Treasury bill auction dated 17 March 2025, the Bank of Ghana cleared the 91-day bill at 15.86% (down 493 basis points), the 182-day bill at 16.93% (down 606 basis points) and the 364-day bill at 18.97% (down 373 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 9.3bn and GHS 8.8bn was accepted, 95% of what was bid.
At 18.97%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 29.85%, so the government is paying 1088 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,897 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 11,897 after 12 months: GHS 1,897 in interest before any withholding tax, about GHS 158 a month.
That is GHS 373 less than the same money would have earned at the previous auction.
For shorter money: GHS 846 on the 182-day bill (6 months), GHS 397 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 | 15.862% | 20.791% | — | GHS 6.22bn | GHS 6.22bn |
| 182-day | 16.929% | 22.985% | — | GHS 1.83bn | GHS 1.80bn |
| 364-day | 18.965% | 22.699% | — | GHS 1.21bn | GHS 747m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 17 March 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-03-17
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