Ghana Treasury bills · auction of 27 November 2023
Ghana T-bill auction, 27 November 2023: 364-day at 33.23%, down 21 bps
At the Treasury bill auction dated 27 November 2023, the Bank of Ghana cleared the 91-day bill at 29.50% (down 24 basis points), the 182-day bill at 31.76% (down 12 basis points) and the 364-day bill at 33.23% (down 21 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 5.0bn and GHS 4.6bn was accepted, 92% 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 35.08%, so the government is paying 184 basis points less than twelve months ago.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 3,323 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 13,323 after 12 months: GHS 3,323 in interest before any withholding tax, about GHS 277 a month.
That is GHS 21 less than the same money would have earned at the previous auction.
For shorter money: GHS 1,588 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 | 29.498% | 29.743% | — | GHS 3.31bn | GHS 3.28bn |
| 182-day | 31.758% | 31.876% | — | GHS 376m | GHS 27m |
| 364-day | 33.235% | 33.446% | — | GHS 1.32bn | GHS 1.32bn |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 27 November 2023, compiled from the Bank of Ghana. Retrieved 4 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2023-11-27
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