MINTHow to buy a Treasury bill in Ghana
A step-by-step guide to buying a Treasury bill in Ghana, from opening a CSD account to getting your money back at maturity.
A simple explanation
Treasury bills are sold at auctions run by the Bank of Ghana. You cannot bid in those auctions yourself. Only licensed primary dealers can, and they bid on behalf of banks, companies and individuals like you.
So in practice you buy through a bank or an SEC-licensed broker or investment firm that deals in government securities. They place your bid, and the bill is recorded in your name at the Central Securities Depository (CSD).
If you are new to T-bills, start with how Treasury bills work.
Example
Kofi wants to put GHS 2,000 into a 91-day T-bill.
- Choose a provider. He picks a bank or licensed broker and checks that it is on the SEC list of licensees, or is a bank regulated by the Bank of Ghana.
- Open a CSD account. He fills in the CSD form, attaches a passport photo and a copy of his ID, such as his Ghana Card. The provider submits it, and he gets a one-time account number that holds his government securities.
- Choose the bill and the amount. He decides on a 91-day, 182-day or longer bill. Providers usually set a minimum, often a few hundred cedis, so ask what theirs is.
- Place the bid before the cut-off. Auctions happen on a regular weekly schedule, and providers close their orders before the auction. He asks for the cut-off time.
- Fund the purchase. He pays the provider by bank transfer or other approved channel. He keeps the receipt.
- Wait for the auction result. His bid is accepted at the rate set by the auction. If his bid is too low, he may get nothing. He can ask the provider how to bid "at the average rate".
- Get confirmation. The provider sends a confirmation showing the amount, rate, issue date and maturity date. Kofi can also request a CSD statement to confirm the bill is in his name.
- Collect at maturity. After 91 days, the bill matures and he receives his GHS 2,000 plus the interest. Some providers offer to roll it over into a new bill. He decides each time.
Why it matters
T-bills are one of the lowest-risk investments available to ordinary people in Ghana, and you can start with a small amount. Knowing the steps lets you deal with a bank or broker confidently, and spot anyone who is not following the real process.
Key things to know
- Check the current rate on the Bank of Ghana's Treasury bill rates page before you buy. In late September 2026, the 91-day bill was paying roughly 4.7% in interest, according to press reports of the auction. Rates change every week.
- Compare with inflation. If the rate is lower than inflation, your money buys less when you get it back. See what inflation is.
- Ask about fees and tax. Some providers charge a fee, and interest may be taxed at source. Ask for the net return in writing.
- Your money is tied up until maturity. Selling early is possible through the secondary market but can cost you.
- Keep every record: confirmation, CSD account number and statements.
- Never send money to a personal mobile money number for a "T-bill". See how to spot investment scams.
Risks to consider
- Rates can fall, so the next bill may pay less than this one.
- Inflation can be higher than your interest rate.
- Government securities are lower risk than most investments but are not risk-free.
- A bid that is too low may be rejected, and your money is returned without a purchase.
Key takeaway
You buy T-bills through a licensed bank or broker that bids for you at the weekly auction. Open a CSD account, choose the term and amount, check the rate and fees, and keep your confirmation until the bill matures.
Common questions
Can I buy Treasury bills directly from the Bank of Ghana?
Not as an individual. The auctions are open to licensed primary dealers, who bid for banks, companies and individuals. You buy through a bank or a licensed broker.
What is the minimum amount?
Each provider sets its own minimum. Published guides have quoted figures in the hundreds of cedis, so ask your bank or broker for its current minimum.
Do I need a CSD account?
Yes. Government securities are recorded at the Central Securities Depository in your name. Your provider helps you open the account and submits the form.
Can I get my money back before maturity?
Sometimes, by selling in the secondary market, but the price may be lower than you expect. Plan to hold the bill until it matures.
Is the 91-day or the 364-day bill better?
Neither is always better. Choose by when you will need the money, compare the interest rates on the latest auction results, and remember that rates change every week.
This is general financial education, not financial advice. Figures are illustrative. Speak to a licensed professional before making investment decisions.
Figures as of September 2026. Sources: Bank of Ghana, Treasury bill rates, Republic of Ghana, requirements and responsibilities of primary dealers, Databank, Bank of Ghana treasury securities, MyJoyOnline, T-bills auction report
- How Treasury bills work
- How to buy a Treasury bill in Ghana