Ghana Treasury Bill Rates, and What They Actually Pay You
A 364-day bill pays more than double a 91-day bill right now. Work out what any amount returns, and what it is worth after inflation.
| Bill | Rate | Term | Direction |
|---|---|---|---|
| 91-day | 5.87% | 3 months | Up from 5.73% |
| 182-day | 7.79% | 6 months | Up from 7.69% |
| 364-day | 12.93% | 1 year | Up from 12.82% |
Weekly Government of Ghana auction, early July 2026. Rates move every Friday.
Look at the shape of that curve. The one-year bill pays more than twice the three-month bill. That is a steep term premium, and it tells you the market wants to be paid well to lend to the government for longer. It also means rolling 91-day bills for a year would leave you well short of simply buying the 364-day bill, if rates hold.
Enter an amount and pick a term. Rates are prefilled from the latest auction, and you can type over them when the new results come out on Friday.
Interest is worked out as amount x rate x days / 365, which is how a bill quoted at an annual interest rate accrues over its term. The Treasury quotes both a discount rate and an interest-rate equivalent for each bill; the figures above are the interest rate, as reported in the auction results. Your bank or broker may also charge a fee, which is not included.
Inflation was 3.4% in April 2026. A 364-day bill at 12.93% is therefore paying you about 9.2 percentage points above inflation in real terms, which is an unusually generous real return by any standard, and by Ghana's own recent history it is remarkable: for most of 2023 inflation ran far ahead of what bills paid, and savers lost money in real terms every year.
Now set that against what a bank pays on a savings account. The last time the Bank of Ghana published an average savings deposit rate it was 6.25%, and that series has not been updated since April 2023. Even taking that stale figure at face value, the gap is stark: the government is paying roughly twice what your savings account does, for money you can lock away for a year.
That is the whole argument for a Treasury bill over a savings account, and it is why T-bill auctions in Ghana are routinely oversubscribed. The trade-offs are real though, and worth stating plainly:
- Your money is locked up for the term. A savings account is not.
- Rates are falling over the longer run. When your bill matures you reinvest at whatever the rate is then, which may be lower. Locking in the 364-day bill is a bet that today's rate beats next year's.
- It is not risk free, it is government risk. Ghana restructured its domestic debt in 2023 and holders of local bonds took losses. Treasury bills were excluded from that exchange, which is exactly why they are trusted, but "excluded last time" is not the same as "guaranteed next time".
Through a commercial bank or a licensed broker. You place a bid ahead of the weekly auction, which settles on a Friday, and you can bid competitively (naming your rate) or non-competitively (taking the accepted rate). Most individuals bid non-competitively. The minimum is small, typically a few hundred cedis, and it varies by institution, so ask.
At maturity the government pays back your principal plus the interest. You can instruct the bank to roll it over automatically into a new bill, which most regular buyers do.
Sources: weekly Government of Ghana Treasury bill auction results, early July 2026 (91-day 5.87%, 182-day 7.79%, 364-day 12.93%). Ghana Statistical Service consumer price inflation, 3.4% in April 2026. Bank of Ghana average savings deposits rate, 6.25%, the last figure published in its Interest Rates series, which stops at April 2023. Rates change weekly; check the current auction before you commit.