Ghana Treasury bills · auction of 2 October 2023
Ghana T-bill auction, 2 October 2023: 364-day at 32.82%, up 32 bps
At the Treasury bill auction dated 2 October 2023, the Bank of Ghana cleared the 91-day bill at 28.80% (up 29 basis points), the 182-day bill at 30.92% (up 24 basis points) and the 364-day bill at 32.82% (up 32 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.5bn and GHS 2.5bn 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 30.47%, so the government is paying 235 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,282 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 13,282 after 12 months: GHS 3,282 in interest before any withholding tax, about GHS 274 a month.
That is GHS 32 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,546 on the 182-day bill (6 months), GHS 720 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 | 28.796% | 28.504% | — | GHS 1.88bn | GHS 1.88bn |
| 182-day | 30.917% | 30.679% | — | GHS 484m | GHS 484m |
| 364-day | 32.822% | 32.506% | — | GHS 131m | GHS 131m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 2 October 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-10-02
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