Ghana Treasury bills · auction of 1 May 2023
Ghana T-bill auction, 1 May 2023: 91-day at 19.95%, up 8 bps
At the Treasury bill auction dated 1 May 2023, the Bank of Ghana cleared the 91-day bill at 19.95% (up 8 basis points) and the 182-day bill at 22.71% (up 13 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.1bn and GHS 2.1bn was accepted, 100% of what was bid.
Over the past year the 91-day rate has ranged from 17.88% to 35.75%.
A year earlier the 91-day bill cleared at 16.78%, so the government is paying 317 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,136 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 11,136 after 6 months: GHS 1,136 in interest before any withholding tax, about GHS 189 a month.
That is GHS 7 more than the same money would have earned at the previous auction.
For shorter money: GHS 499 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 | 19.947% | 19.863% | — | GHS 1.53bn | GHS 1.53bn |
| 182-day | 22.711% | 22.576% | — | GHS 538m | GHS 537m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 1 May 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-05-01
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