How to buy treasury bills in Ghana (2026): rates, minimums and what you'll earn
Treasury bills are short-term loans to the government, sold every week in 91, 182 and 364-day terms. Here's how to buy one through a bank or investment firm, what the current rates earn you, and the tax rules.
A treasury bill is a short-term loan from you to the Government of Ghana. You buy it through a bank or a licensed investment firm, the Bank of Ghana sells it at a weekly auction, and when it matures after 91, 182 or 364 days you get your money back with interest. At the auction for bills issued on 21 September 2026, the rates were 4.69% a year on the 91-day bill, 6.49% on the 182-day and 9.98% on the 364-day. Individuals don't pay income tax on the interest.
This guide explains how to buy one step by step, what you'll actually earn, and what to watch out for. To see what a bill would earn on your amount, use the treasury bill calculator.
What a treasury bill is
When the government needs to borrow for a few months, it issues treasury bills. The Bank of Ghana runs an auction every week, usually on a Friday, and sells bills in three terms:
- 91 days, about three months
- 182 days, about six months
- 364 days, about a year
Banks, investment firms and other institutions bid on behalf of themselves and their customers, and the auction sets the week's rates. Because the lender is the government, treasury bills are among the safest places to keep cedis in Ghana.
Technically you don't receive separate interest payments. You pay less than the bill's face value and receive the full face value at maturity. The difference is your interest. The Bank of Ghana publishes two rates for each auction:
- the interest rate: the gain as a share of what you paid, over a 364-day year. This is what you earn on your money, and it's the rate we quote.
- the discount rate: the same gain as a share of the face value, which makes it slightly lower.
The Bank of Ghana in Accra. It sells treasury bills for the government at a weekly auction. Photo: Natsubee, CC BY-SA 3.0, via Wikimedia Commons
What you'll earn
These figures use the auction for bills issued on 21 September 2026 and the same calculation as the treasury bill calculator:
| You put in | Bill | Rate | Interest at maturity | You get back |
|---|---|---|---|---|
| GH₵1,000 | 91-day | 4.69% | GH₵11.74 | GH₵1,011.74 |
| GH₵1,000 | 182-day | 6.49% | GH₵32.45 | GH₵1,032.45 |
| GH₵1,000 | 364-day | 9.98% | GH₵99.82 | GH₵1,099.82 |
| GH₵10,000 | 91-day | 4.69% | GH₵117.35 | GH₵10,117.35 |
| GH₵10,000 | 364-day | 9.98% | GH₵998.21 | GH₵10,998.21 |
The rates are quoted per year, but a 91-day bill only runs for a quarter of one. So GH₵1,000 at 4.69% earns GH₵11.74 in 91 days, not GH₵46.90. If you roll it over four times at the same rate, you'd earn about GH₵47.77 over the year. At these rates that's far less than the GH₵99.82 a single 364-day bill pays.
Rates change at every auction. The latest are on our markets page, and the calculator always uses them.
Is that a good return?
Compare the rate with inflation. The Ghana Statistical Service put inflation at 5.0% in August 2026. At the rates above, a 364-day bill at 9.98% grows your money faster than prices are rising. The 91-day bill at 4.69% is slightly below inflation, so in real terms your money would lose a little value over the year. Short bills are useful when you need the money back soon. For money you won't touch for a year, the longer bill has been paying much more.
How to buy one, step by step
- Choose where to buy. Most individuals buy through their bank or a licensed investment firm or broker. Many banks also let you buy through their mobile app or internet banking. Minimums are set by the bank or firm, and often start at around GH₵100, so ask yours.
- Open a securities account. Treasury bills are held electronically at the Central Securities Depository (CSD) in your name. Your bank or firm opens the account for you. Expect to provide your Ghana Card, your contact details and a bank account for payment.
- Say how much and for how long. Tell them the amount and whether you want 91, 182 or 364 days, before the week's auction deadline.
- Pay. The money is taken from your account or paid in, and the bill is bought at that week's auction rate.
- Get confirmation. You'll receive a confirmation, or see the investment in your app, with the amount, rate and maturity date.
- At maturity, the face value is paid into your bank account, or rolled over into a new bill if you asked for that. A rollover is at the new week's rate, not your old one.
If you want to know the maturity date before you buy, the calculator shows it too.
Tax
Interest paid to individuals on Government of Ghana securities, which includes treasury bills, is exempt from income tax under the Income Tax Act, 2015 (Act 896) as amended. There's been public debate about changing that, so if you're investing a large sum, check the current position with GRA or your bank. Businesses are taxed differently.
The risks, honestly
- Inflation. If inflation rises above your rate, your money buys less when it comes back, as in the 91-day example above.
- Rates move. When you roll over, you get the new rate, which may be lower.
- Access before maturity. A bill is meant to be held to maturity. Getting your money out early, where it's possible at all, depends on your bank or firm and may cost you. Only invest money you won't need before the bill matures.
- Who you buy through. Buy only through a licensed bank or a firm licensed by the Securities and Exchange Commission, and make sure the bill is registered in your name at the CSD.
Common questions
What is the minimum amount for treasury bills in Ghana? It's set by the bank or firm you buy through, and often starts at about GH₵100. Ask yours for its minimum and any fees.
What are the treasury bill rates today? At the auction for bills issued on 21 September 2026: 4.69% on the 91-day, 6.49% on the 182-day and 9.98% on the 364-day. The calculator always shows the latest.
How much will GH₵1,000 earn in a 364-day treasury bill? At 9.98%, about GH₵99.82, so you'd get back about GH₵1,099.82 after a year.
Is treasury bill interest taxed in Ghana? Not for individuals. Interest on Government of Ghana securities paid to individuals is exempt from income tax under Act 896 as amended.
Can I buy treasury bills with mobile money or an app? Many banks and investment firms offer it through their own apps. Check that the provider is licensed and that the bill is held in your name at the CSD.
What happens when my treasury bill matures? You receive the face value, which is your money plus the interest. Or it's reinvested in a new bill at the new rate, if you chose rollover.
Last checked 27 September 2026 against the Bank of Ghana's treasury bill auction results, the Central Securities Depository and the Income Tax Act, 2015 (Act 896) as amended. Rates change every week; the treasury bill calculator always uses the latest. This guide explains how treasury bills work; it isn't investment advice.
Cover photo: أشرف اليماني, CC BY-SA 4.0, via Wikimedia Commons
