Ghana Treasury bills · auction of 31 March 2025
Ghana T-bill auction, 31 March 2025: 364-day at 18.84%, unchanged
At the Treasury bill auction dated 31 March 2025, the Bank of Ghana cleared the 91-day bill at 15.71% (down 2 basis points), the 182-day bill at 16.73% (down 19 basis points) and the 364-day bill at 18.84% (unchanged). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.7bn and GHS 4.1bn was accepted, 87% of what was bid.
At 18.84%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 29.10%, so the government is paying 1025 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,884 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 11,884 after 12 months: GHS 1,884 in interest before any withholding tax, about GHS 157 a month.
That is the same as at the previous auction.
For shorter money: GHS 837 on the 182-day bill (6 months), GHS 393 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 | 15.711% | 15.735% | — | GHS 3.51bn | GHS 3.03bn |
| 182-day | 16.733% | 16.927% | — | GHS 583m | GHS 583m |
| 364-day | 18.845% | 18.850% | — | GHS 619m | GHS 501m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 31 March 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-03-31
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