Ghana Treasury bills · auction of 13 February 2023
Ghana T-bill auction, 13 February 2023: 364-day at 35.62%, down 19 bps
At the Treasury bill auction dated 13 February 2023, the Bank of Ghana cleared the 91-day bill at 35.73% (down 1 basis point), the 182-day bill at 35.84% (up 3 basis points) and the 364-day bill at 35.62% (down 19 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.4bn and GHS 3.3bn 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 16.64%, so the government is paying 1898 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,562 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 13,562 after 12 months: GHS 3,562 in interest before any withholding tax, about GHS 297 a month.
That is GHS 19 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,792 on the 182-day bill (6 months), GHS 893 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 | 35.734% | 35.745% | — | GHS 2.09bn | GHS 2.08bn |
| 182-day | 35.845% | 35.810% | — | GHS 416m | GHS 399m |
| 364-day | 35.624% | 35.815% | — | GHS 877m | GHS 876m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 13 February 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-02-13
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