Ghana Treasury bills · auction of 9 January 2023
Ghana T-bill auction, 9 January 2023: 91-day at 35.66%, up 30 bps
At the Treasury bill auction dated 9 January 2023, the Bank of Ghana cleared the 91-day bill at 35.66% (up 30 basis points) and the 182-day bill at 35.95% (down 3 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.7bn and GHS 1.7bn was accepted, 97% of what was bid.
At 35.66%, the 91-day rate is the highest in the 43 auctions of the past year.
A year earlier the 91-day bill cleared at 12.53%, so the government is paying 2313 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,797 in 6 months on the 182-day bill
Put GHS 10,000 into the 182-day bill at this auction and you get back GHS 11,797 after 6 months: GHS 1,797 in interest before any withholding tax, about GHS 300 a month.
That is GHS 2 less than the same money would have earned at the previous auction.
For shorter money: GHS 891 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 | 35.660% | 35.363% | — | GHS 1.41bn | GHS 1.41bn |
| 182-day | 35.947% | 35.980% | — | GHS 312m | GHS 270m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 9 January 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-01-09
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