At the Treasury bill auction dated 18 May 2026, the Bank of Ghana cleared the 91-day bill at 4.92% (up 3 basis points), the 182-day bill at 7.04% (unchanged) and the 364-day bill at 10.39% (up 26 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.8bn and GHS 5.5bn was accepted, 94% of what was bid.
Over the past year the 364-day rate has ranged from 9.35% to 16.00%.
A year earlier the 364-day bill cleared at 16.80%, so the government is paying 642 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,039 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 11,039 after 12 months: GHS 1,039 in interest before any withholding tax, about GHS 87 a month.
That is GHS 26 more than the same money would have earned at the previous auction.
For shorter money: GHS 352 on the 182-day bill (6 months), GHS 123 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 | 4.917% | 4.883% | — | GHS 3.83bn | GHS 3.65bn |
| 182-day | 7.041% | 7.038% | — | GHS 710m | GHS 672m |
| 364-day | 10.386% | 10.130% | — | GHS 1.26bn | GHS 1.15bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 18 May 2026, compiled from the Bank of Ghana. Retrieved 4 November 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2026-05-18
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