Ghana Treasury bills · auction of 22 September 2025
Ghana T-bill auction, 22 September 2025: 364-day at 12.88%, down 7 bps
At the Treasury bill auction dated 22 September 2025, the Bank of Ghana cleared the 91-day bill at 10.46% (down 7 basis points), the 182-day bill at 12.36% (down 8 basis points) and the 364-day bill at 12.88% (down 7 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.4bn and GHS 3.4bn was accepted, 100% of what was bid.
At 12.88%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 28.07%, so the government is paying 1519 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,288 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 11,288 after 12 months: GHS 1,288 in interest before any withholding tax, about GHS 107 a month.
That is GHS 7 less than the same money would have earned at the previous auction.
For shorter money: GHS 618 on the 182-day bill (6 months), GHS 261 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 | 10.457% | 10.531% | — | GHS 2.58bn | GHS 2.58bn |
| 182-day | 12.361% | 12.441% | — | GHS 614m | GHS 609m |
| 364-day | 12.883% | 12.957% | — | GHS 250m | GHS 247m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 22 September 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-09-22
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