Ghana Treasury bills · auction of 2 January 2023
Ghana T-bill auction, 2 January 2023: 364-day at 35.89%, down 21 bps
At the Treasury bill auction dated 2 January 2023, the Bank of Ghana cleared the 91-day bill at 35.36% (unchanged), the 182-day bill at 35.98% (up 8 basis points) and the 364-day bill at 35.89% (down 21 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.8bn and GHS 1.8bn was accepted, 99% of what was bid.
Over the past year the 364-day rate has ranged from 16.96% to 36.19%.
A year earlier the 364-day bill cleared at 16.36%, so the government is paying 1953 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,589 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 13,589 after 12 months: GHS 3,589 in interest before any withholding tax, about GHS 299 a month.
That is GHS 21 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,799 on the 182-day bill (6 months), GHS 884 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 | 35.363% | 35.361% | — | GHS 1.13bn | GHS 1.13bn |
| 182-day | 35.980% | 35.903% | — | GHS 511m | GHS 495m |
| 364-day | 35.894% | 36.104% | — | GHS 183m | GHS 183m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 2 January 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-01-02
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