Lessons with Kofi
What is a T-bill in Ghana?
What is a treasury bill?
The Government of Ghana raises money by issuing securities. A treasury bill is the short-term one. The usual tenors are 91 days, 182 days and 364 days. "Tenor" means how long the bill runs. A 91-day bill is not safer than a 364-day bill. It is just a shorter loan.
Bills are usually sold at a discount. You pay less than the face value now. At maturity, you are paid the face value, provided it is paid as the terms say. The difference is your return.
Where do you find the rate?
The rate is set at each auction, so it changes. Read the latest treasury-bill auction result on the Bank of Ghana website, and check its date. Yanci's rates page keeps a dated copy of that auction and says when it was last checked.
Banks and other licensed institutions in Ghana can help you buy bills. Ask them what they charge.
How is a bill different from a share?
- With a bill you are a lender to the government. With a share you are an owner of a company. See What is a stock?
- A bill has an end date. A share does not.
- A bill does not pay a dividend. The return, if you hold to maturity and are paid, comes from the discount.
- A share price can change whenever the market is open. A bill held to the end pays its face value, provided the government pays as agreed.
Can you lose money on a government bill?
Yes. "Government" does not mean "the same as cash in your pocket". If you need the money before maturity, selling early can give you a different amount from the face value. The price of a bill in the meantime moves with interest rates and with how eager buyers are.
Ghana also restructured a large part of its domestic government debt in 2023, in the Domestic Debt Exchange. Bills and longer bonds were not all treated the same way. Terms on government securities can change, so read the terms of the bill in front of you.
What should you check before you go further?
- The tenor: 91, 182 or 364 days, or whatever the current notice says.
- The auction date, so you know the result is the current one.
- Whether you can leave the money until that end date.
- Who you would buy through and whether they are licensed to sell bills.
- That you are not using rent, school fees or an emergency fund you might need next week.
Where do these facts come from?
- Bank of Ghana, where treasury-bill auction results are published.
- The Domestic Debt Exchange is public Government of Ghana policy from 2023. Read the original notices for its terms.
A T-bill is not a share in a company. Listed companies such as MTN Ghana (MTNGH) and GCB Bank (GCB) are a different kind of investment. Today on the GSE is the share-price page.
Figures and rules linked from the Ghana Stock Exchange or the SEC were the pages used when this lesson was last updated on 20 October 2026. Open those pages for the current wording.
Frequently asked questions
What is a T-bill in Ghana?
A T-bill is a short-term way the Government of Ghana borrows. You usually pay less than the face value, and if you hold it to the end and it is paid as agreed, you receive the face value.
Where is the T-bill rate?
The rate is set at each Bank of Ghana auction, so it changes. Read the latest auction result on the Bank of Ghana website and check its date. This lesson does not quote a rate.
Is a T-bill the same as a share?
No. A T-bill is a loan to the government. A share is a piece of a company.
Not financial advice. Kofi is a teacher, not an adviser. He explains how investing works. He does not recommend what to buy, sell or hold.
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