Ghana Treasury bills · auction of 17 April 2023
Ghana T-bill auction, 17 April 2023: 364-day at 26.90%, down 6 bps
At the Treasury bill auction dated 17 April 2023, the Bank of Ghana cleared the 91-day bill at 19.74% (up 5 basis points), the 182-day bill at 22.47% (up 22 basis points) and the 364-day bill at 26.90% (down 6 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 1.8bn and GHS 1.8bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 19.67% to 36.19%.
A year earlier the 364-day bill cleared at 18.27%, so the government is paying 863 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,690 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 12,690 after 12 months: GHS 2,690 in interest before any withholding tax, about GHS 224 a month.
That is GHS 6 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,124 on the 182-day bill (6 months), GHS 494 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 | 19.744% | 19.693% | — | GHS 1.48bn | GHS 1.48bn |
| 182-day | 22.471% | 22.247% | — | GHS 227m | GHS 227m |
| 364-day | 26.902% | 26.959% | — | GHS 88m | GHS 88m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 17 April 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-04-17
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