Ghana Treasury bills · auction of 28 April 2025
Ghana T-bill auction, 28 April 2025: 364-day at 18.37%, down 25 bps
At the Treasury bill auction dated 28 April 2025, the Bank of Ghana cleared the 91-day bill at 15.32% (down 13 basis points), the 182-day bill at 16.04% (down 15 basis points) and the 364-day bill at 18.37% (down 25 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 7.3bn and GHS 6.7bn was accepted, 92% of what was bid.
At 18.37%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 28.50%, so the government is paying 1013 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,837 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 11,837 after 12 months: GHS 1,837 in interest before any withholding tax, about GHS 153 a month.
That is GHS 25 less than the same money would have earned at the previous auction.
For shorter money: GHS 802 on the 182-day bill (6 months), GHS 383 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 | 15.321% | 15.452% | — | GHS 5.32bn | GHS 5.21bn |
| 182-day | 16.038% | 16.184% | — | GHS 1.56bn | GHS 1.29bn |
| 364-day | 18.370% | 18.621% | — | GHS 381m | GHS 193m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 28 April 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-04-28
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