Ghana Treasury bills · auction of 3 April 2023
Ghana T-bill auction, 3 April 2023: 91-day at 19.39%, up 51 bps
At the Treasury bill auction dated 3 April 2023, the Bank of Ghana cleared the 91-day bill at 19.39% (up 51 basis points) and the 182-day bill at 21.86% (up 42 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.6bn and GHS 1.6bn was accepted, 98% of what was bid.
Over the past year the 91-day rate has ranged from 15.74% to 35.75%.
A year earlier the 91-day bill cleared at 13.42%, so the government is paying 597 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,093 in 6 months on the 182-day bill
Put GHS 10,000 into the 182-day bill at this auction and you get back GHS 11,093 after 6 months: GHS 1,093 in interest before any withholding tax, about GHS 182 a month.
That is GHS 21 more than the same money would have earned at the previous auction.
For shorter money: GHS 485 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 | 19.388% | 18.878% | — | GHS 1.26bn | GHS 1.24bn |
| 182-day | 21.857% | 21.439% | — | GHS 368m | GHS 355m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 3 April 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-04-03
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