Ghana Treasury bills · auction of 14 July 2025
Ghana T-bill auction, 14 July 2025: 364-day at 15.42%, up 25 bps
At the Treasury bill auction dated 14 July 2025, the Bank of Ghana cleared the 91-day bill at 14.66% (up 9 basis points), the 182-day bill at 15.03% (up 1 basis point) and the 364-day bill at 15.42% (up 25 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 6.1bn and GHS 4.5bn was accepted, 74% of what was bid.
Over the past year the 364-day rate has ranged from 15.17% to 30.41%.
A year earlier the 364-day bill cleared at 27.79%, so the government is paying 1237 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,542 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 11,542 after 12 months: GHS 1,542 in interest before any withholding tax, about GHS 128 a month.
That is GHS 25 more than the same money would have earned at the previous auction.
For shorter money: GHS 751 on the 182-day bill (6 months), GHS 366 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 | 14.660% | 14.567% | — | GHS 3.71bn | GHS 3.63bn |
| 182-day | 15.029% | 15.019% | — | GHS 815m | GHS 804m |
| 364-day | 15.419% | 15.168% | — | GHS 1.60bn | GHS 101m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 14 July 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-07-14
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