Rates verified against Bank of Ghana auction results
If you have money sitting in a savings account earning single digits while inflation eats it, treasury bills are probably the first thing you should look at. They’re the closest thing to a risk-free return available in Ghana, the minimum entry is small, and the process takes about a week end to end.
This guide walks through the whole thing: what T-bills actually are, what you’ll earn, exactly how to buy them, and when they’re the wrong choice.
What a treasury bill actually is
You lend money to the Government of Ghana for a fixed period. At the end of that period, the government pays you back more than you gave it.
That’s genuinely all it is. There’s no share price to watch, no company that might collapse, no fund manager taking a cut. You know your exact return the day you buy.
Ghana issues three tenors:
TenorLengthTypically suits91-dayAbout 3 monthsMoney you may need soon182-dayAbout 6 monthsMedium-term savings364-dayAbout 1 yearMoney you can lock away
Longer tenors usually pay more, though not always — the gap narrows and occasionally inverts depending on market conditions.
The discount thing that confuses everyone. T-bills are sold at a discount, not with interest added on top. If you buy a GH¢1,000 bill, you pay less than GH¢1,000 today and receive the full GH¢1,000 at maturity. Your profit is the difference. So when you ask for “GH¢1,000 of T-bills,” you’ll hand over roughly GH¢[AMOUNT] and get GH¢1,000 back.
What you’ll actually earn
As of [DATE], Bank of Ghana auction results show:
TenorRateGH¢10,000 becomes91-day[RATE]%GH¢[AMOUNT]182-day[RATE]%GH¢[AMOUNT]364-day[RATE]%GH¢[AMOUNT]
Source: Bank of Ghana weekly auction results, checked [DATE].
Two things to understand before you get excited about the headline number.
The rate is annualised. A 91-day bill quoted at 25% does not pay you 25% in three months. It pays roughly a quarter of that — about 6.25% — because you only held it for a quarter of a year. Reinvest four times and you approach the annual figure, but only if rates hold.
Inflation is the number that matters. If your bill pays 25% and inflation runs at 20%, your real return is about 5%. Still positive, still better than a savings account — but not the windfall the headline suggests. Always check the latest Ghana Statistical Service inflation figure alongside the rate.
What you need before you start
Three things:
1. A Ghana Card. Non-negotiable. Your National ID is the primary identification for CSD registration.
2. A bank account in your name. Your maturity proceeds are paid into it. It must match your ID exactly — mismatched names are the most common cause of delays.
3. A CSD account. The Central Securities Depository is the government register that records who owns which securities. Without a CSD Client ID you cannot hold treasury bills. Your bank or broker sets this up for you as part of your first purchase; you don’t approach the CSD directly.
Minimum investment: most institutions start around GH¢100, though some set it higher. Ask before you assume.
How to buy: three routes
Route 1 — Through your bank
The simplest option if you already bank somewhere.
Visit your branch and say you want to invest in treasury bills
Complete the T-bill application and CSD registration forms
Provide your Ghana Card and proof of address
Choose your tenor and amount
Fund the purchase from your account
Wait for the weekly auction — usually Friday — for your rate to be confirmed
Most major banks offer this, including GCB, Ecobank, Absa, Stanbic, Fidelity, CalBank and Consolidated Bank Ghana.
Timeline: 3–7 working days for a first purchase, then same-week for subsequent ones.
Watch for: some banks quote you a rate slightly below the auction result and keep the difference. Ask directly whether you’re getting the auction rate or the bank’s rate.
Route 2 — Through an investment house
Firms like Databank, IC Securities, Black Star Brokerage and Stanbic Investment Management Services handle T-bill purchases and often give better service to smaller investors than a bank branch queue.
The process is much the same, but you’ll usually get clearer reporting, easier rollovers, and someone who answers questions.
Watch for: management or transaction fees. Ask for the full fee schedule in writing before committing.
Route 3 — Through mobile money
Some institutions now offer T-bill purchase via mobile money, which removes the branch visit entirely and lowers the minimum considerably.
This is the most accessible route if you’re starting small. Availability changes, so check what’s currently offered before assuming your provider supports it.
We have no commercial relationship with any institution named in this guide. Names are listed because they operate in this market, not because they pay us.
Tax
Interest earned on Government of Ghana treasury bills is exempt from income tax for individual resident investors.
That exemption is a meaningful part of the appeal — a 25% tax-free return is worth considerably more than a 25% taxable one. But tax rules change with each budget, so confirm the current position with the Ghana Revenue Authority or your accountant rather than relying on a blog post, including this one.
What happens at maturity
You have three choices, and you tell your bank or broker before the maturity date:
Take the cash. Principal plus interest lands in your bank account, usually within one to two working days.
Roll over the principal. Your original amount buys a new bill at the current rate; the interest is paid out to you.
Roll over everything. Principal and interest both go into a new bill. This is compounding, and over several years it’s the single biggest difference between a good result and a mediocre one.
Set a reminder three days before maturity. If you give no instruction, some institutions automatically roll you over at whatever rate is going, and others park your money in a non-interest-bearing account until you get in touch. Neither is what you’d have chosen.
T-bills vs the alternatives
Treasury billsFixed depositSavings accountRiskGovernment-backedBank credit riskBank credit riskTypical return[RATE]%LowerConsiderably lowerTax on interestExempt for individualsTaxableTaxableEarly accessSell on secondary market, at a lossPenalty, often severeImmediateMinimum~GH¢100Varies, often higherLow
The honest summary: for money you won’t need for three months or more, T-bills beat both alternatives on nearly every measure. For money you might need next week, keep it in savings and accept the lower return.
When treasury bills are the wrong choice
I’d rather you skip them than regret them:
You have high-interest debt. Paying off a loan at 35% is a guaranteed 35% return. No T-bill matches that. Clear the debt first.
You have no emergency fund. Money in T-bills is locked. Build three months of expenses in an accessible account before locking anything away.
You’re investing for ten years. Over long horizons, equities and diversified funds have historically outperformed government bills. T-bills preserve value; they don’t build serious wealth.
You need the money next month. You can sell before maturity on the secondary market, but usually below what you paid.
Common mistakes
Chasing the longest tenor automatically. A 364-day bill at a marginally better rate isn’t worth it if you’ll need the money in month seven.
Forgetting to compare against inflation. A high nominal rate in a high-inflation environment may be barely keeping you level.
Not asking about fees. Small percentages compound in the wrong direction too.
Letting maturity pass unmanaged. Money sitting idle between bills earns nothing.
Assuming the rate is fixed forever. Every rollover is a new bill at a new rate. Rates fall as well as rise.
Getting started this week
Check the current auction result at bog.gov.gh
Confirm your Ghana Card details match your bank account name
Visit your bank or broker and ask to open a CSD account
Start with an amount you’re comfortable locking for 91 days
Diarise the maturity date now, before you forget
You don’t need a large sum to begin. The habit matters more than the amount.
Last reviewed: [DATE]. Rates verified against Bank of Ghana weekly auction results. We update this guide monthly.
Not financial advice. This is general educational information and does not account for your personal circumstances. Speak to a licensed financial adviser before making significant investment decisions.
