Ghana Treasury bills · auction of 8 May 2023
Ghana T-bill auction, 8 May 2023: 364-day at 27.36%, up 10 bps
At the Treasury bill auction dated 8 May 2023, the Bank of Ghana cleared the 91-day bill at 20.26% (up 31 basis points), the 182-day bill at 22.83% (up 12 basis points) and the 364-day bill at 27.36% (up 10 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.6bn and GHS 2.6bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 21.55% to 36.19%.
A year earlier the 364-day bill cleared at 19.67%, so the government is paying 769 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,736 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 12,736 after 12 months: GHS 2,736 in interest before any withholding tax, about GHS 228 a month.
That is GHS 10 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,141 on the 182-day bill (6 months), GHS 506 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 | 20.258% | 19.947% | — | GHS 1.63bn | GHS 1.63bn |
| 182-day | 22.829% | 22.711% | — | GHS 558m | GHS 558m |
| 364-day | 27.362% | 27.262% | — | GHS 381m | GHS 381m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 8 May 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-05-08
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