Ghana Treasury bills · auction of 31 July 2023
Ghana T-bill auction, 31 July 2023: 364-day at 30.31%, up 26 bps
At the Treasury bill auction dated 31 July 2023, the Bank of Ghana cleared the 91-day bill at 25.24% (up 32 basis points), the 182-day bill at 27.15% (up 34 basis points) and the 364-day bill at 30.31% (up 26 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.3bn and GHS 2.3bn 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 27.85%, so the government is paying 245 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,031 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 13,031 after 12 months: GHS 3,031 in interest before any withholding tax, about GHS 253 a month.
That is GHS 26 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,357 on the 182-day bill (6 months), GHS 631 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 | 25.242% | 24.921% | — | GHS 1.49bn | GHS 1.49bn |
| 182-day | 27.148% | 26.806% | — | GHS 504m | GHS 504m |
| 364-day | 30.306% | 30.045% | — | GHS 345m | GHS 338m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 31 July 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-07-31
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