Ghana Treasury bills · auction of 6 March 2023
Ghana T-bill auction, 6 March 2023: 364-day at 27.54%, down 667 bps
At the Treasury bill auction dated 6 March 2023, the Bank of Ghana cleared the 91-day bill at 24.16% (down 1139 basis points), the 182-day bill at 26.56% (down 900 basis points) and the 364-day bill at 27.54% (down 667 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 6.2bn and GHS 4.5bn was accepted, 74% 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 16.96%, so the government is paying 1059 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,754 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 12,754 after 12 months: GHS 2,754 in interest before any withholding tax, about GHS 230 a month.
That is GHS 667 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,328 on the 182-day bill (6 months), GHS 604 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 | 24.161% | 35.549% | — | GHS 2.74bn | GHS 1.48bn |
| 182-day | 26.556% | 35.560% | — | GHS 1.53bn | GHS 1.17bn |
| 364-day | 27.544% | 34.214% | — | GHS 1.89bn | GHS 1.88bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 6 March 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-03-06
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