Ghana Treasury bills · auction of 27 March 2023
Ghana T-bill auction, 27 March 2023: 364-day at 25.66%, down 116 bps
At the Treasury bill auction dated 27 March 2023, the Bank of Ghana cleared the 91-day bill at 18.88% (down 112 basis points), the 182-day bill at 21.44% (down 141 basis points) and the 364-day bill at 25.66% (down 116 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.4bn and GHS 2.4bn was accepted, 100% 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 871 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,566 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 12,566 after 12 months: GHS 2,566 in interest before any withholding tax, about GHS 214 a month.
That is GHS 116 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,072 on the 182-day bill (6 months), GHS 472 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 | 18.878% | 20.000% | — | GHS 1.42bn | GHS 1.42bn |
| 182-day | 21.439% | 22.848% | — | GHS 553m | GHS 553m |
| 364-day | 25.664% | 26.824% | — | GHS 469m | GHS 469m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 27 March 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-03-27
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