Ghana Treasury bills · auction of 28 September 2026
Ghana T-bill auction, 28 September 2026: 364-day at 9.83%, down 15 bps
At the Treasury bill auction dated 28 September 2026, the Bank of Ghana cleared the 91-day bill at 4.68% (down 2 basis points), the 182-day bill at 6.37% (down 12 basis points) and the 364-day bill at 9.83% (down 15 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.7bn and GHS 2.9bn was accepted, 79% of what was bid.
Over the past year the 364-day rate has ranged from 9.35% to 13.09%.
A year earlier the 364-day bill cleared at 12.88%, so the government is paying 305 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 983 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 10,983 after 12 months: GHS 983 in interest before any withholding tax, about GHS 82 a month.
That is GHS 15 less than the same money would have earned at the previous auction.
For shorter money: GHS 319 on the 182-day bill (6 months), GHS 117 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 | 4.678% | 4.694% | — | GHS 2.08bn | GHS 1.88bn |
| 182-day | 6.370% | 6.489% | — | GHS 703m | GHS 521m |
| 364-day | 9.834% | 9.982% | — | GHS 877m | GHS 498m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 28 September 2026, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2026-09-28
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