Ghana Treasury bills · auction of 15 May 2023
Ghana T-bill auction, 15 May 2023: 364-day at 27.59%, up 23 bps
At the Treasury bill auction dated 15 May 2023, the Bank of Ghana cleared the 91-day bill at 20.43% (up 17 basis points), the 182-day bill at 22.96% (up 13 basis points) and the 364-day bill at 27.59% (up 23 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.8bn and GHS 2.8bn was accepted, 100% of what was bid.
Over the past year the 364-day rate has ranged from 24.46% to 36.19%.
A year earlier the 364-day bill cleared at 20.65%, so the government is paying 694 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,759 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 12,759 after 12 months: GHS 2,759 in interest before any withholding tax, about GHS 230 a month.
That is GHS 23 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,148 on the 182-day bill (6 months), GHS 511 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 | 20.431% | 20.258% | — | GHS 2.31bn | GHS 2.31bn |
| 182-day | 22.962% | 22.829% | — | GHS 355m | GHS 355m |
| 364-day | 27.591% | 27.362% | — | GHS 116m | GHS 116m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 15 May 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-05-15
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