Ghana Treasury bills · auction of 14 August 2023
Ghana T-bill auction, 14 August 2023: 364-day at 30.70%, up 21 bps
At the Treasury bill auction dated 14 August 2023, the Bank of Ghana cleared the 91-day bill at 26.09% (up 52 basis points), the 182-day bill at 27.60% (up 32 basis points) and the 364-day bill at 30.70% (up 21 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.5bn and GHS 3.5bn was accepted, 99% 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 284 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,070 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 13,070 after 12 months: GHS 3,070 in interest before any withholding tax, about GHS 256 a month.
That is GHS 21 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,380 on the 182-day bill (6 months), GHS 652 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 | 26.092% | 25.572% | — | GHS 2.53bn | GHS 2.53bn |
| 182-day | 27.598% | 27.282% | — | GHS 262m | GHS 262m |
| 364-day | 30.700% | 30.491% | — | GHS 748m | GHS 721m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 14 August 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-08-14
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