Ghana Treasury bills · auction of 19 May 2025
Ghana T-bill auction, 19 May 2025: 364-day at 16.79%, down 1 bps
At the Treasury bill auction dated 19 May 2025, the Bank of Ghana cleared the 91-day bill at 15.11% (down 5 basis points), the 182-day bill at 15.68% (down 2 basis points) and the 364-day bill at 16.79% (down 1 basis point). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.4bn and GHS 2.8bn was accepted, 52% of what was bid.
At 16.79%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 28.00%, so the government is paying 1121 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,679 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 11,679 after 12 months: GHS 1,679 in interest before any withholding tax, about GHS 140 a month.
That is GHS 1 less than the same money would have earned at the previous auction.
For shorter money: GHS 784 on the 182-day bill (6 months), GHS 378 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 | 15.109% | 15.161% | — | GHS 4.36bn | GHS 2.09bn |
| 182-day | 15.681% | 15.705% | — | GHS 731m | GHS 514m |
| 364-day | 16.787% | 16.802% | — | GHS 261m | GHS 155m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 19 May 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-05-19
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