Ghana Treasury Bills
The latest auction results for 91-, 182-, and 364-day Government of Ghana T-Bills, plus the maths behind what you actually earn, a ladder builder, rollover planner, yield curve, and scenario analysis.
- Auction
- 2026-04-18
- Settlement
- 2026-04-21
- Tendered
- GHS 3.1B
- Accepted
- GHS 2.9B
- Auction
- 2026-04-18
- Settlement
- 2026-04-21
- Tendered
- GHS 1.4B
- Accepted
- GHS 1.2B
- Auction
- 2026-04-18
- Settlement
- 2026-04-21
- Tendered
- GHS 910.6M
- Accepted
- GHS 812.4M
What this auction tells us
Bank of Ghana 2026-04-18 auction — 3 tenors reported.
Key factors
- • 91-day investment yield: 26.44%.
- • 364-day investment yield: 37.87%.
- • Curve slope (364 − 91): 11.43pp — steep.
- • 91-day demand cover: 1.09× (adequately covered).
- • 182-day demand cover: 1.17× (adequately covered).
- • 364-day demand cover: 1.12× (adequately covered).
Cited data inputs
- 91-day discount
- 24.85%
- 182-day discount
- 26.12%
- 364-day discount
- 27.45%
Limitations
- • T-Bill yields shift weekly. Past yields don't predict next week's auction.
- • Real returns depend on inflation and (for diaspora) cedi moves. See the T-Bill scenario tool.
Descriptive only. Not investment advice. No buy / sell / hold output. AI disclaimer →
Discount rate vs investment yield — what you actually earn
BoG reports a discount. Your investment yield is the holding-period return grossed up to an annual rate. Adjust the inputs to see what today's auction really pays after tax, inflation, and cedi moves.
- Price per 100 face
- GHS 93.80
- Investment yield (annualised)
- 26.49%
- Effective annual yield
- 29.24%
- Real yield in GHS
- 9.71%
- After-tax yield
- 29.24%
- Interest per GHS 10,000
- GHS 660
Show the math
price per 100 face = 100 × (1 − 0.2485 × 91/365) = 93.8045investment yield = 0.2485 / (1 − 0.2485 × 91/365) = 26.49% effective annual = (1 + 0.2649 × 91/365)^(365/91) − 1 = 29.24% after-tax = 0.2924 × (1 − 0.00) = 29.24% real (GHS) = (1 + after-tax) / (1 + 0.178) − 1 = 9.71%
T-Bill ladder builder
Spread principal across 91-, 182-, and 364-day tenors. Maturity cascade is projected at today's yields; in practice future auctions may price higher or lower.
| Tenor | Allocated | Face value | Yield | Interest | Maturity |
|---|---|---|---|---|---|
| 91-day | GH₵16,500.00 | GH₵17,589.77 | 26.44% | GH₵1,089.77 | 21 Aug 2026 |
| 182-day | GH₵16,500.00 | GH₵18,970.80 | 30.06% | GH₵2,470.80 | 20 Nov 2026 |
| 364-day | GH₵17,000.00 | GH₵23,407.85 | 37.87% | GH₵6,407.85 | 21 May 2027 |
| Total | GH₵50,000.00 | GH₵59,968.42 | GH₵9,968.42 |
Projected rollover cascade — next 24 months
Constant-yield assumption: we roll each rung at today's yield. Real auctions will differ. Total projected interest: GH₵38,609.09.
| Maturity date | Tenor | Principal | Interest | Reinvested |
|---|---|---|---|---|
| 21 Aug 2026 | 91-day | GH₵16,500.00 | GH₵1,087.66 | GH₵17,587.66 |
| 20 Nov 2026 | 91-day | GH₵17,587.66 | GH₵1,159.36 | GH₵18,747.02 |
| 20 Nov 2026 | 182-day | GH₵16,500.00 | GH₵2,473.16 | GH₵18,973.16 |
| 19 Feb 2027 | 91-day | GH₵18,747.02 | GH₵1,235.78 | GH₵19,982.80 |
| 21 May 2027 | 91-day | GH₵19,982.80 | GH₵1,317.24 | GH₵21,300.05 |
| 21 May 2027 | 182-day | GH₵18,973.16 | GH₵2,843.85 | GH₵21,817.01 |
| 21 May 2027 | 364-day | GH₵17,000.00 | GH₵6,420.26 | GH₵23,420.26 |
| 20 Aug 2027 | 91-day | GH₵21,300.05 | GH₵1,404.08 | GH₵22,704.12 |
| 19 Nov 2027 | 91-day | GH₵22,704.12 | GH₵1,496.63 | GH₵24,200.76 |
| 19 Nov 2027 | 182-day | GH₵21,817.01 | GH₵3,270.11 | GH₵25,087.12 |
| 18 Feb 2028 | 91-day | GH₵24,200.76 | GH₵1,595.29 | GH₵25,796.04 |
| 19 May 2028 | 91-day | GH₵25,796.04 | GH₵1,700.45 | GH₵27,496.49 |
| 19 May 2028 | 182-day | GH₵25,087.12 | GH₵3,760.26 | GH₵28,847.38 |
| 19 May 2028 | 364-day | GH₵23,420.26 | GH₵8,844.95 | GH₵32,265.22 |
Educational ladder-planner. T-Bills carry sovereign risk (see DDEP history) and rollover risk — yields at the next auction are not guaranteed.
What-if: how shocks change what you keep
Stress the nominal yield, inflation, and cedi to see how the real take-home changes. Today's figures are in the first row.
| Scenario | Nominal yield | Real GHS yield | Real USD yield |
|---|---|---|---|
| Today | 37.87% | 17.05% | 10.64% |
| Yields fall 3bp | 34.87% | 14.50% | 8.23% |
| Inflation rises 5bp | 37.87% | 12.29% | 6.13% |
| Cedi depreciates 5% more | 37.87% | 17.05% | 5.64% |
Scenarios apply deltas of −300bp to yields, +500bp to inflation, and +5% to cedi depreciation from today's baseline. Educational only.
Yield curve — last 12 months
Weekly 91-day, 182-day, and 364-day T-Bill investment yields from BoG auctions. A steepening curve (long minus short widening) often precedes policy moves.
Auction demand — tendered vs accepted
Ratio > 1 means the auction was oversubscribed. Persistent undersubscription is a stress signal and often precedes yield moves.
- Tendered
- GHS 3.1B
- Accepted
- GHS 2.9B
- Tendered
- GHS 1.4B
- Accepted
- GHS 1.2B
- Tendered
- GHS 910.6M
- Accepted
- GHS 812.4M
Source: Bank of Ghana auction release (2026-04-18).
T-Bills vs top dividend stocks (trailing yield)
Apples-to-oranges comparison: T-Bills are near-risk-free with a fixed maturity; dividend yields carry principal and business risk and are not contractual. Shown for educational context.
Not investment advice. Dividend stocks can cut payouts or lose principal; T-Bills have the Government as counterparty. Different risks entirely.
T-Bills in plain English
The concepts that matter before you fund an auction bid. Each term links to its treatment in the methodology.
The amount the Government pays you at maturity, typically GHS 100 per unit. Also called par value.
The amount you pay today, always less than face value. The gap is your interest for holding to maturity.
The quoted rate at auction. It is NOT what you earn — it is the rate used to compute the price you pay below face.
The return you actually earn, annualised. Always higher than the discount rate because you pay less than face up-front.
The investment yield compounded forward to one full year — useful for comparing 91-day, 182-day, and 364-day products on the same basis.
The date the Government returns face value. On or after this date your principal and interest are released to your broker / MoMo account.
When a bill matures, the next auction may price lower. Yield rolling down is a feature of disinflation, but it reduces your future income.
Interest and maturing principal have to be put back to work; if rates have fallen you reinvest at a lower yield. T-Bill ladders mitigate by spreading maturity dates.
Nominal T-Bill income can be more than wiped out by inflation. Always check the real yield (nominal − inflation).
For diaspora investors whose base currency isn't GHS: the cedi depreciating against USD/GBP reduces what your interest is worth in that currency.
T-Bills carry Government risk. Ghana's 2022-23 DDEP restructured domestic bonds but spared bills; the risk is low but not zero.
Retail tax treatment of T-Bill interest is often light or exempt, but rules change and vary by investor type. Enter your own rate on the calculators.
Buying a T-Bill in Ghana
You buy a bill through a primary dealer — a commercial bank or licensed broker — at the weekly auction. Minimum investment is typically GHS 100, though brokers may enforce higher minimums. Interest is credited either at maturity (91 / 182-day) or in instalments (364-day, paid at maturity in Ghana).
What Nkosuo does NOT do
We do not sell T-Bills. We do not advise you to buy or sell. We publish the maths, the data, and the context — buy through a SEC- / BoG-licensed intermediary. Read the how-to-invest guide first.
Educational tool. Not investment advice. Methodology →