Ghana Treasury bills · auction of 22 December 2025
Ghana T-bill auction, 22 December 2025: 364-day at 12.91%, down 6 bps
At the Treasury bill auction dated 22 December 2025, the Bank of Ghana cleared the 91-day bill at 11.09% (down 2 basis points), the 182-day bill at 12.44% (down 11 basis points) and the 364-day bill at 12.91% (down 6 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.6bn and GHS 5.4bn was accepted, 96% 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 29.94%, so the government is paying 1703 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,291 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 11,291 after 12 months: GHS 1,291 in interest before any withholding tax, about GHS 108 a month.
That is GHS 6 less than the same money would have earned at the previous auction.
For shorter money: GHS 622 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 | 11.089% | 11.111% | — | GHS 2.54bn | GHS 2.39bn |
| 182-day | 12.436% | 12.542% | — | GHS 1.52bn | GHS 1.46bn |
| 364-day | 12.913% | 12.970% | — | GHS 1.54bn | GHS 1.53bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 22 December 2025, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2025-12-22
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