Ghana Treasury bills · auction of 15 December 2025
Ghana T-bill auction, 15 December 2025: 364-day at 12.97%, up 27 bps
At the Treasury bill auction dated 15 December 2025, the Bank of Ghana cleared the 91-day bill at 11.11% (up 3 basis points), the 182-day bill at 12.54% (down 1 basis point) and the 364-day bill at 12.97% (up 27 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 9.3bn and GHS 8.5bn was accepted, 92% of what was bid.
Over the past year the 364-day rate has ranged from 12.70% to 30.41%.
A year earlier the 364-day bill cleared at 29.91%, so the government is paying 1694 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,297 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 11,297 after 12 months: GHS 1,297 in interest before any withholding tax, about GHS 108 a month.
That is GHS 27 more than the same money would have earned at the previous auction.
For shorter money: GHS 627 on the 182-day bill (6 months), GHS 278 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 | 11.111% | 11.083% | — | GHS 6.56bn | GHS 6.50bn |
| 182-day | 12.542% | 12.553% | — | GHS 1.32bn | GHS 1.28bn |
| 364-day | 12.970% | 12.701% | — | GHS 1.40bn | GHS 734m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 15 December 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-12-15
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