Ghana Treasury bills · auction of 8 December 2025
Ghana T-bill auction, 8 December 2025: 364-day at 12.70%, down 39 bps
At the Treasury bill auction dated 8 December 2025, the Bank of Ghana cleared the 91-day bill at 11.08% (up 3 basis points), the 182-day bill at 12.55% (up 12 basis points) and the 364-day bill at 12.70% (down 39 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 8.0bn and GHS 7.0bn was accepted, 87% of what was bid.
At 12.70%, the 364-day rate is the lowest in the 48 auctions of the past year.
A year earlier the 364-day bill cleared at 29.88%, so the government is paying 1718 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,270 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 11,270 after 12 months: GHS 1,270 in interest before any withholding tax, about GHS 106 a month.
That is GHS 39 less than the same money would have earned at the previous auction.
For shorter money: GHS 628 on the 182-day bill (6 months), GHS 277 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 | 11.083% | 11.050% | — | GHS 4.91bn | GHS 4.09bn |
| 182-day | 12.553% | 12.430% | — | GHS 2.10bn | GHS 1.86bn |
| 364-day | 12.701% | 13.086% | — | GHS 1.01bn | GHS 1.01bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 8 December 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-12-08
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