Ghana Treasury bills · auction of 18 September 2023
Ghana T-bill auction, 18 September 2023: 364-day at 32.17%, up 20 bps
At the Treasury bill auction dated 18 September 2023, the Bank of Ghana cleared the 91-day bill at 28.12% (up 33 basis points), the 182-day bill at 29.39% (up 27 basis points) and the 364-day bill at 32.17% (up 20 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.4bn and GHS 3.3bn 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 30.02%, so the government is paying 215 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,217 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 13,217 after 12 months: GHS 3,217 in interest before any withholding tax, about GHS 268 a month.
That is GHS 20 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,470 on the 182-day bill (6 months), GHS 703 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 | 28.120% | 27.787% | — | GHS 2.60bn | GHS 2.60bn |
| 182-day | 29.394% | 29.119% | — | GHS 497m | GHS 497m |
| 364-day | 32.170% | 31.973% | — | GHS 252m | GHS 248m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 18 September 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-09-18
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