Ghana Treasury bills · auction of 27 February 2023
Ghana T-bill auction, 27 February 2023: 364-day at 34.21%, down 141 bps
At the Treasury bill auction dated 27 February 2023, the Bank of Ghana cleared the 91-day bill at 35.55% (down 12 basis points), the 182-day bill at 35.56% (down 16 basis points) and the 364-day bill at 34.21% (down 141 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.1bn and GHS 5.1bn was accepted, 100% 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 16.99%, so the government is paying 1723 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,421 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 13,421 after 12 months: GHS 3,421 in interest before any withholding tax, about GHS 285 a month.
That is GHS 141 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,778 on the 182-day bill (6 months), GHS 889 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 | 35.549% | 35.667% | — | GHS 2.94bn | GHS 2.94bn |
| 182-day | 35.560% | 35.718% | — | GHS 666m | GHS 666m |
| 364-day | 34.214% | 35.624% | — | GHS 1.46bn | GHS 1.46bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 27 February 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-02-27
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