Ghana Treasury bills · auction of 2 March 2026
Ghana T-bill auction, 2 March 2026: 364-day at 9.76%, down 44 bps
At the Treasury bill auction dated 2 March 2026, the Bank of Ghana cleared the 91-day bill at 5.32% (down 113 basis points), the 182-day bill at 6.98% (down 120 basis points) and the 364-day bill at 9.76% (down 44 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 14.8bn and GHS 8.8bn was accepted, 59% of what was bid.
At 9.76%, 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 1931 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 976 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 10,976 after 12 months: GHS 976 in interest before any withholding tax, about GHS 81 a month.
That is GHS 44 less than the same money would have earned at the previous auction.
For shorter money: GHS 349 on the 182-day bill (6 months), GHS 133 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 | 5.324% | 6.453% | — | GHS 6.83bn | GHS 3.74bn |
| 182-day | 6.978% | 8.182% | — | GHS 2.83bn | GHS 1.52bn |
| 364-day | 9.762% | 10.207% | — | GHS 5.17bn | GHS 3.54bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 2 March 2026, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2026-03-02
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