Ghana Treasury bills · auction of 16 October 2023
Ghana T-bill auction, 16 October 2023: 364-day at 33.21%, up 20 bps
At the Treasury bill auction dated 16 October 2023, the Bank of Ghana cleared the 91-day bill at 29.48% (up 29 basis points), the 182-day bill at 31.43% (up 21 basis points) and the 364-day bill at 33.21% (up 20 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 2.8bn and GHS 2.6bn was accepted, 93% 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 31.55%, so the government is paying 167 basis points more than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,321 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 13,321 after 12 months: GHS 3,321 in interest before any withholding tax, about GHS 277 a month.
That is GHS 20 more than the same money would have earned at the previous auction.
For shorter money: GHS 1,571 on the 182-day bill (6 months), GHS 737 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 | 29.483% | 29.195% | — | GHS 2.30bn | GHS 2.10bn |
| 182-day | 31.426% | 31.215% | — | GHS 324m | GHS 324m |
| 364-day | 33.214% | 33.015% | — | GHS 184m | GHS 184m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 16 October 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-10-16
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