Ghana Treasury bills · auction of 28 August 2023
Ghana T-bill auction, 28 August 2023: 364-day at 31.24%, up 16 bps
At the Treasury bill auction dated 28 August 2023, the Bank of Ghana cleared the 91-day bill at 27.02% (up 32 basis points), the 182-day bill at 28.62% (up 74 basis points) and the 364-day bill at 31.24% (up 16 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.2bn and GHS 3.2bn 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 28.83%, so the government is paying 242 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,124 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 13,124 after 12 months: GHS 3,124 in interest before any withholding tax, about GHS 260 a month.
That is GHS 16 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,431 on the 182-day bill (6 months), GHS 676 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 | 27.023% | 26.707% | — | GHS 2.36bn | GHS 2.36bn |
| 182-day | 28.617% | 27.881% | — | GHS 718m | GHS 702m |
| 364-day | 31.240% | 31.083% | — | GHS 146m | GHS 143m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 28 August 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-08-28
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