Ghana Treasury bills · auction of 23 February 2026
Ghana T-bill auction, 23 February 2026: 364-day at 10.21%, down 86 bps
At the Treasury bill auction dated 23 February 2026, the Bank of Ghana cleared the 91-day bill at 6.45% (down 216 basis points), the 182-day bill at 8.18% (down 250 basis points) and the 364-day bill at 10.21% (down 86 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 25.2bn and GHS 11.4bn was accepted, 45% of what was bid.
At 10.21%, the 364-day rate is the lowest in the 50 auctions of the past year.
A year earlier the 364-day bill cleared at 29.07%, so the government is paying 1887 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,021 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 11,021 after 12 months: GHS 1,021 in interest before any withholding tax, about GHS 85 a month.
That is GHS 86 less than the same money would have earned at the previous auction.
For shorter money: GHS 409 on the 182-day bill (6 months), GHS 161 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 | 6.453% | 8.610% | — | GHS 8.61bn | GHS 3.19bn |
| 182-day | 8.182% | 10.679% | — | GHS 7.22bn | GHS 2.45bn |
| 364-day | 10.207% | 11.062% | — | GHS 9.38bn | GHS 5.78bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 23 February 2026, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2026-02-23
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