Ghana Treasury bills · auction of 24 July 2023
Ghana T-bill auction, 24 July 2023: 364-day at 30.05%, up 40 bps
At the Treasury bill auction dated 24 July 2023, the Bank of Ghana cleared the 91-day bill at 24.92% (up 23 basis points), the 182-day bill at 26.81% (up 40 basis points) and the 364-day bill at 30.05% (up 40 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.7bn and GHS 2.7bn was accepted, 100% 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 262 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,005 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 13,005 after 12 months: GHS 3,005 in interest before any withholding tax, about GHS 250 a month.
That is GHS 40 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,340 on the 182-day bill (6 months), GHS 623 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 | 24.921% | 24.686% | — | GHS 1.79bn | GHS 1.79bn |
| 182-day | 26.806% | 26.408% | — | GHS 357m | GHS 357m |
| 364-day | 30.045% | 29.649% | — | GHS 557m | GHS 557m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 24 July 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-07-24
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