Ghana Treasury bills · auction of 25 September 2023
Ghana T-bill auction, 25 September 2023: 364-day at 32.51%, up 34 bps
At the Treasury bill auction dated 25 September 2023, the Bank of Ghana cleared the 91-day bill at 28.50% (up 38 basis points), the 182-day bill at 30.68% (up 129 basis points) and the 364-day bill at 32.51% (up 34 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 3.3bn and GHS 3.1bn was accepted, 95% 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 30.47%, so the government is paying 203 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,251 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 13,251 after 12 months: GHS 3,251 in interest before any withholding tax, about GHS 271 a month.
That is GHS 34 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,534 on the 182-day bill (6 months), GHS 713 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 | 28.504% | 28.120% | — | GHS 2.14bn | GHS 2.11bn |
| 182-day | 30.679% | 29.394% | — | GHS 675m | GHS 549m |
| 364-day | 32.506% | 32.170% | — | GHS 433m | GHS 433m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 25 September 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-09-25
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