Ghana Treasury bills · auction of 10 July 2023
Ghana T-bill auction, 10 July 2023: 364-day at 29.65%, up 39 bps
At the Treasury bill auction dated 10 July 2023, the Bank of Ghana cleared the 91-day bill at 24.39% (up 44 basis points), the 182-day bill at 26.03% (up 23 basis points) and the 364-day bill at 29.65% (up 39 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.1bn and GHS 2.0bn was accepted, 96% of what was bid.
Over the past year the 364-day rate has ranged from 25.66% to 36.19%.
A year earlier the 364-day bill cleared at 27.43%, so the government is paying 222 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 2,965 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 12,965 after 12 months: GHS 2,965 in interest before any withholding tax, about GHS 247 a month.
That is GHS 39 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,301 on the 182-day bill (6 months), GHS 610 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 | 24.392% | 23.954% | — | GHS 1.63bn | GHS 1.54bn |
| 182-day | 26.029% | 25.797% | — | GHS 298m | GHS 298m |
| 364-day | 29.649% | 29.255% | — | GHS 138m | GHS 138m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 10 July 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-07-10
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