Ghana Treasury bills · auction of 21 July 2025
Ghana T-bill auction, 21 July 2025: 364-day at 14.74%, down 68 bps
At the Treasury bill auction dated 21 July 2025, the Bank of Ghana cleared the 91-day bill at 13.73% (down 93 basis points), the 182-day bill at 14.62% (down 41 basis points) and the 364-day bill at 14.74% (down 68 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 21.0bn and GHS 10.6bn was accepted, 51% of what was bid.
At 14.74%, the 364-day rate is the lowest in the 49 auctions of the past year.
A year earlier the 364-day bill cleared at 27.79%, so the government is paying 1305 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,474 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 11,474 after 12 months: GHS 1,474 in interest before any withholding tax, about GHS 123 a month.
That is GHS 68 less than the same money would have earned at the previous auction.
For shorter money: GHS 731 on the 182-day bill (6 months), GHS 343 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 | 13.728% | 14.660% | — | GHS 13.77bn | GHS 5.65bn |
| 182-day | 14.616% | 15.029% | — | GHS 4.22bn | GHS 2.99bn |
| 364-day | 14.739% | 15.419% | — | GHS 2.98bn | GHS 2.01bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 21 July 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-07-21
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