If you have some money sitting in a bank account and you want to earn interest without taking the same level of risk that comes with many other investments, you may have heard about Treasury bills.
Treasury bills, often called T-bills, are among the investment options available to people in Ghana. They allow investors to lend money to the government for a short period and earn a return when the investment matures.
But how exactly do Treasury bills work? How much money do you need to start? How much can you earn? And are Treasury bills safe?
This guide explains everything you need to know about Treasury bills in Ghana in simple language.
Important: Treasury bill rates change regularly. The rates used in this article are based on the latest Bank of Ghana data available at the time of writing and should not be treated as a permanent rate. Always check the latest official figures before investing.
What Are Treasury Bills?
A Treasury bill is a short-term government security.
In simple terms, you give your money to the government for a set period. In return, you receive a return on your investment.
The government uses the money raised through these securities to help meet its financing needs.
Treasury bills are issued for different periods. The common maturities listed by the Bank of Ghana include:
91-day Treasury bill
182-day Treasury bill
364-day Treasury bill
The number of days tells you approximately how long your money will be invested before the bill matures. The Bank of Ghana publishes current Treasury bill rates and tender results on its official website.
How Do Treasury Bills Work?
Treasury bills work differently from a normal savings account.
When you buy a Treasury bill, you do not usually receive interest every month. Instead, Treasury bills are issued at a discount to their face value.
For example, imagine a Treasury bill has a face value of GH¢10,000.
You may pay less than GH¢10,000 to buy it. When the bill matures, you receive the full face value.
The difference between the amount you paid and the amount you receive represents your return.
The exact amount you pay depends on the prevailing rate and the terms of the investment.
This is why investors should look at the actual return and not only the headline interest or discount rate.
How Much Can You Earn From Treasury Bills?
The amount you earn depends on several factors.
These include:
The amount you invest
The type of Treasury bill you buy
The current rate
The length of the investment
Any applicable fees or charges
According to the Bank of Ghana’s Treasury bill rates page, the tender dated July 27, 2026 showed an interest rate equivalent of 5.7881% for the 91-day bill, 7.6891% for the 182-day bill, and 12.9670% for the 364-day bill. These rates can change from one tender to another.
Example of a 91-Day Treasury Bill
Let’s use a simple example.
Suppose you invest GH¢10,000 in a 91-day Treasury bill.
If the annualised interest rate were around 5.79%, the return for roughly 91 days would be much lower than 5.79% of GH¢10,000 because you are investing for only part of a year.
The actual amount you receive depends on the Treasury bill’s pricing and the applicable rate at the time you buy it.
This is why it is important to ask your bank or investment provider for the exact purchase price and maturity value before making an investment.
Does a Higher Rate Always Mean More Money?
Not necessarily.
A longer-term Treasury bill may have a higher annualised rate, but your money will also be locked in for a longer period.
For example, a 91-day bill gives you access to your money sooner than a 364-day bill.
You therefore need to consider your personal financial needs.
If you need the money in three months, a 364-day investment may not be suitable for you, even if the advertised annualised return is higher.
Before investing, ask yourself:
When will I need this money?
That question is just as important as the interest rate.
What Is the Difference Between 91-Day, 182-Day and 364-Day Bills?
The main difference is the length of time before maturity.
91-Day Treasury Bill
This is a short-term investment that matures in about three months.
It may suit people who want to invest for a shorter period and have their money become available relatively soon.
182-Day Treasury Bill
This matures in about six months.
It may be suitable for someone who can leave their money invested for a longer period.
364-Day Treasury Bill
This matures in about one year.
It may appeal to investors who are comfortable keeping their money invested for a longer period.
The rates for each maturity can differ. Investors should check the latest rates before making a decision.
Are Treasury Bills Safe?
Treasury bills are generally viewed as a relatively low-risk investment because they are government securities.
However, “low risk” does not mean “no risk.”
Investors should still understand the risks involved.
For example, inflation can reduce the real value of your returns. If prices rise faster than the return on your investment, your money may buy less in the future.
There is also the question of liquidity. While Treasury bills are short-term investments, you should not invest money that you may urgently need before the maturity date without understanding the terms for accessing it early.
It is always wise to understand the product before investing.
How Can You Buy Treasury Bills in Ghana?
People interested in Treasury bills can usually access them through financial institutions and approved investment channels.
Your bank or investment provider can explain the process, the minimum investment amount, applicable charges, and the current rates available.
The exact process may differ depending on the institution you use.
Before investing, ask for clear information about:
The current Treasury bill rate
The amount you need to pay
The amount you will receive at maturity
The maturity date
Any fees or charges
What happens if you need your money before maturity
The Bank of Ghana publishes official Treasury bill rates and tender information, which investors can use as a reference when checking current market rates.
How Much Money Do You Need to Start?
The amount needed to invest can depend on the financial institution or platform you use.
Some institutions may allow individuals to invest relatively small amounts, while other investment products may have different minimum requirements.
For this reason, it is better to contact your preferred bank or licensed investment provider and ask about its current minimum investment amount.
Do not assume that every bank or investment platform has the same requirements.
Can You Lose Money in Treasury Bills?
Treasury bills are considered relatively low-risk, but investors should still understand that all financial decisions carry some level of risk.
The biggest concern for many people is not necessarily losing the original investment but earning a return that does not keep up with inflation.
For example, if your investment earns a return of 6% but the cost of goods and services rises by more than that over the same period, your money may have lost purchasing power in real terms.
This is why investors should look at their overall financial goals, not just the interest rate.
Should You Invest in Treasury Bills?
The answer depends on your personal financial situation.
Treasury bills may be worth considering if you:
Want a relatively low-risk investment
Have money you do not need immediately
Prefer short-term investments
Want to diversify your savings
Are looking for an alternative to keeping all your money in a regular savings account
However, you should not put all your money into one investment.
A good financial plan may involve different types of savings and investments based on your goals, income, age, and risk tolerance.
If you are unsure, consider speaking with a qualified financial adviser or licensed investment professional.
Treasury Bills vs Keeping Money in a Savings Account
One question many people ask is whether they should keep their money in a savings account or invest in Treasury bills.
A savings account gives you easier access to your money.
You can usually withdraw funds when you need them, subject to your bank’s terms.
Treasury bills, on the other hand, are designed as investments with specific maturity periods.
The choice therefore depends on your needs.
You may want to keep emergency money in an easily accessible account while considering Treasury bills for money you can leave invested for the chosen period.
The interest rates on savings accounts and Treasury bills are also different and can change over time. The Bank of Ghana publishes data on Treasury bill rates and other interest rates to help users follow developments in the financial system.
What Should You Check Before Investing?
Before you invest, do not look only at the advertised rate.
Check the following:
1. The Current Rate
Treasury bill rates can change. Always check the latest available rate.
2. The Maturity Date
Know exactly when your investment will mature.
3. Your Financial Needs
Do not invest money you may need urgently.
4. The Total Return
Ask how much you will pay and how much you will receive at maturity.
5. Fees and Charges
Find out if there are any fees associated with the investment.
6. The Institution
Use a reputable bank or licensed financial institution and make sure you understand the product you are buying.
Treasury Bills Are Not a Get-Rich-Quick Scheme
One important thing to remember is that Treasury bills are not designed to make you rich overnight.
They are generally used as a way to invest money for a defined period while earning a return.
The key benefit for many investors is the combination of a relatively short investment period and the backing of a government security.
However, the best investment decision is one that fits your financial goals.
Final Thoughts
Treasury bills can be a useful option for people in Ghana who want to invest money for a short or medium period without taking on the level of risk associated with some other investments.
The most common maturities include 91 days, 182 days and 364 days, and the rates can change as market conditions change.
As of the Bank of Ghana’s July 27, 2026 tender data, the interest rate equivalents were 5.7881% for 91-day bills, 7.6891% for 182-day bills and 12.9670% for 364-day bills. These figures are only a snapshot and should not be assumed to be the current rates indefinitely. Investors should always check the latest official Bank of Ghana data before making a decision.
The most important lesson is simple: understand the investment before you put your money into it.
Know how much you are investing, how long your money will be tied up, how much you are expected to receive at maturity, and whether the investment matches your financial goals.
For the latest Treasury bill rates and official information, readers should check the Bank of Ghana Treasury Bill Rates page before investing.
