Ghana Treasury bills · auction of 3 July 2023
Ghana T-bill auction, 3 July 2023: 91-day at 23.95%, up 98 bps
At the Treasury bill auction dated 3 July 2023, the Bank of Ghana cleared the 91-day bill at 23.95% (up 98 basis points) and the 182-day bill at 25.80% (up 36 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.4bn and GHS 2.4bn was accepted, 100% of what was bid.
Over the past year the 91-day rate has ranged from 18.88% to 35.75%.
A year earlier the 91-day bill cleared at 25.64%, so the government is paying 168 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,290 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 11,290 after 6 months: GHS 1,290 in interest before any withholding tax, about GHS 215 a month.
That is GHS 18 more than the same money would have earned at the previous auction.
For shorter money: GHS 599 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 | 23.954% | 22.971% | — | GHS 1.91bn | GHS 1.91bn |
| 182-day | 25.797% | 25.441% | — | GHS 487m | GHS 487m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 3 July 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-07-03
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