Ghana Treasury bills · auction of 20 October 2025
Ghana T-bill auction, 20 October 2025: 364-day at 12.92%, up 6 bps
At the Treasury bill auction dated 20 October 2025, the Bank of Ghana cleared the 91-day bill at 10.70% (up 17 basis points), the 182-day bill at 12.44% (up 13 basis points) and the 364-day bill at 12.92% (up 6 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.9bn and GHS 2.9bn was accepted, 99% of what was bid.
Over the past year the 364-day rate has ranged from 12.87% to 30.41%.
A year earlier the 364-day bill cleared at 28.58%, so the government is paying 1566 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,292 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 11,292 after 12 months: GHS 1,292 in interest before any withholding tax, about GHS 108 a month.
That is GHS 6 more than the same money would have earned at the previous auction.
For shorter money: GHS 622 on the 182-day bill (6 months), GHS 267 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 | 10.698% | 10.530% | — | GHS 2.09bn | GHS 2.08bn |
| 182-day | 12.438% | 12.307% | — | GHS 705m | GHS 700m |
| 364-day | 12.922% | 12.867% | — | GHS 137m | GHS 110m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 20 October 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-10-20
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