Ghana Treasury bills · auction of 29 September 2025
Ghana T-bill auction, 29 September 2025: 364-day at 12.90%, up 2 bps
At the Treasury bill auction dated 29 September 2025, the Bank of Ghana cleared the 91-day bill at 10.50% (up 5 basis points), the 182-day bill at 12.39% (up 3 basis points) and the 364-day bill at 12.90% (up 2 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.5bn and GHS 3.5bn was accepted, 99% of what was bid.
Over the past year the 364-day rate has ranged from 12.88% to 30.41%.
A year earlier the 364-day bill cleared at 28.08%, so the government is paying 1518 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,290 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 11,290 after 12 months: GHS 1,290 in interest before any withholding tax, about GHS 107 a month.
That is GHS 2 more than the same money would have earned at the previous auction.
For shorter money: GHS 620 on the 182-day bill (6 months), GHS 263 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 | 10.505% | 10.457% | — | GHS 2.66bn | GHS 2.65bn |
| 182-day | 12.392% | 12.361% | — | GHS 706m | GHS 695m |
| 364-day | 12.899% | 12.883% | — | GHS 120m | GHS 117m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 29 September 2025, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-09-29
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