Ghana Treasury bills · auction of 13 November 2023
Ghana T-bill auction, 13 November 2023: 364-day at 33.45%, down 25 bps
At the Treasury bill auction dated 13 November 2023, the Bank of Ghana cleared the 91-day bill at 29.84% (down 13 basis points), the 182-day bill at 31.88% (down 27 basis points) and the 364-day bill at 33.45% (down 25 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 4.0bn and GHS 3.9bn was accepted, 97% 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 34.80%, so the government is paying 135 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,345 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 13,345 after 12 months: GHS 3,345 in interest before any withholding tax, about GHS 279 a month.
That is GHS 25 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,594 on the 182-day bill (6 months), GHS 746 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 | 29.842% | 29.969% | — | GHS 3.24bn | GHS 3.15bn |
| 182-day | 31.875% | 32.149% | — | GHS 411m | GHS 410m |
| 364-day | 33.447% | 33.700% | — | GHS 354m | GHS 348m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 13 November 2023, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-11-13
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