Ghana Treasury bills · auction of 13 March 2023
Ghana T-bill auction, 13 March 2023: 364-day at 26.82%, down 72 bps
At the Treasury bill auction dated 13 March 2023, the Bank of Ghana cleared the 91-day bill at 20.00% (down 416 basis points), the 182-day bill at 22.85% (down 371 basis points) and the 364-day bill at 26.82% (down 72 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.2bn and GHS 3.3bn was accepted, 79% of what was bid.
Over the past year the 364-day rate has ranged from 18.27% to 36.19%.
A year earlier the 364-day bill cleared at 16.96%, so the government is paying 987 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,682 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 12,682 after 12 months: GHS 2,682 in interest before any withholding tax, about GHS 224 a month.
That is GHS 72 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,142 on the 182-day bill (6 months), GHS 500 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 | 20.000% | 24.161% | — | GHS 1.99bn | GHS 1.43bn |
| 182-day | 22.848% | 26.556% | — | GHS 1.16bn | GHS 924m |
| 364-day | 26.824% | 27.544% | — | GHS 1.06bn | GHS 960m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 13 March 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-03-13
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