Ghana Treasury bills · auction of 23 January 2026
Ghana T-bill auction, 23 January 2026: 364-day at 13.06%, up 8 bps
At the Treasury bill auction dated 23 January 2026, the Bank of Ghana cleared the 91-day bill at 11.20% (unchanged), the 182-day bill at 12.67% (up 2 basis points) and the 364-day bill at 13.06% (up 8 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 15.9bn and GHS 12.8bn was accepted, 80% 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 30.29%, so the government is paying 1722 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,306 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 11,307 after 12 months: GHS 1,306 in interest before any withholding tax, about GHS 109 a month.
That is GHS 8 more than the same money would have earned at the previous auction.
For shorter money: GHS 633 on the 182-day bill (6 months), GHS 280 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 | 11.197% | 11.195% | — | GHS 4.15bn | GHS 3.44bn |
| 182-day | 12.666% | 12.649% | — | GHS 4.30bn | GHS 4.29bn |
| 364-day | 13.065% | 12.981% | — | GHS 7.46bn | GHS 5.08bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 23 January 2026, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2026-01-23
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