Ghana Treasury bills · auction of 7 August 2023
Ghana T-bill auction, 7 August 2023: 364-day at 30.49%, up 19 bps
At the Treasury bill auction dated 7 August 2023, the Bank of Ghana cleared the 91-day bill at 25.57% (up 33 basis points), the 182-day bill at 27.28% (up 13 basis points) and the 364-day bill at 30.49% (up 19 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.2bn and GHS 2.2bn 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 264 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,049 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 13,049 after 12 months: GHS 3,049 in interest before any withholding tax, about GHS 254 a month.
That is GHS 19 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,364 on the 182-day bill (6 months), GHS 639 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 | 25.572% | 25.242% | — | GHS 1.38bn | GHS 1.38bn |
| 182-day | 27.282% | 27.148% | — | GHS 649m | GHS 649m |
| 364-day | 30.491% | 30.306% | — | GHS 145m | GHS 145m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 7 August 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-08-07
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