How to buy Treasury bills in Ghana: rates and where to buy

A Treasury bill is a short loan to the Government of Ghana: you lend for 91, 182 or 364 days and get your money back with interest at the end. The government sells them through the Bank of Ghana every week, and they are the plainest way to earn interest in cedis without trusting a single company.

At the Bank of Ghana’s auction of 6 November 2026, the average interest rates were:

These move every week. The Bank of Ghana publishes each Friday’s results on its website (https://www.bog.gov.gh), and your bank will quote you the rate on the day you buy.

Where to buy

Not from the Bank of Ghana directly. The weekly auction is open only to the banks and dealers the Bank of Ghana appoints as primary dealers. The public buys through them, or through any licensed depository participant - a bank or investment firm with an account at the Central Securities Depository, where the bills are held in your name.

In practice:

1. Choose a bank or licensed broker. Your own bank is the easiest. Many now sell T-bills in their app.
2. Open an investment or securities account, with your Ghana Card and your bank details. A CSD account in your name is opened as part of this.
3. Choose the term and the amount, and pay. The minimum is set by the bank, and many take small amounts.
4. Keep the confirmation. It names the bill, the amount and the date it matures. You can ask the bank for a CSD statement showing the bill is held in your name.

At maturity the money comes back to your account, or is rolled into a new bill if you asked for that. Check which before you buy.

How the interest works

The rates above are yearly rates. On a 91-day bill you get about a quarter of the yearly rate, because the money is lent for about a quarter of a year. The bills are sold at a discount: you pay less than the face value now and receive the face value at maturity.

Ask the bank three things before you pay:

• What will I receive, in cedis, on the maturity date? That one number is the only comparison that matters.
• Is there a fee or commission? It comes off the return.
• Can I sell before it matures, and at what cost? Bills can be sold on the secondary market, but not always at a good price.

The risks

• Inflation. If prices rise faster than the interest rate, your money buys less when it comes back. Compare the rate with the latest inflation figure.
• The government’s own debts. In the 2023 domestic debt exchange, Treasury bills were left out and paid in full, while government bonds were swapped for new ones paying less. That is history, not a promise.
• Not your bank’s guarantee. The bill is the government’s debt, held at the depository in your name. That is safer than leaving money with a company that promises high returns.

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