Can Ghana Treasury Bills Make You a Millionaire in a Lifetime?

Ghana’s economy has seen volatile inflation and currency swings. In such an environment, many citizens ask whether government T-Bills, debt sold by Ghana’s finance ministry through the Bank of Ghana, can reliably build wealth. With the latest rates yet again under-subscribed, it appears the Ghanaian market is turning away from T-bills and into assets like the fixed deposit. This is going to be a long one, so brace up. 

This piece looks at how T-Bills work in Ghana and whether steady T-Bill investing can turn an ordinary saver into a “millionaire” (in Ghana cedis or USD) over a 30–40 year career. We compare T-Bills to other options. Where possible we use current data (as of writing of this article in July 2025 – September 2025) and historical trends to ground the analysis.

Summary

Before we move forward, here are a few things to note about treasury bills in Ghana, and a little summary in case you are in a hurry. 

• Ghana Treasury Bills (T-Bills) are short-term government debt (91-day, 182-day, 364-day) issued via the Bank of Ghana. They are considered very safe (backed by the full faith of government).
• Yields have varied widely: In the 2010s and early 2020s, 91-day yields ranged from the mid-teens up to ~35% (2022). Inflation was often as high or higher; for example, inflation hit ~50% in 2022 while T-bill yields peaked ~35%. As of mid-2025, yields are ~14–15%, below recent inflation (~22.4% in March 2025).
• Comparison to other investments: Fixed deposits offered ~11–14% in 2022 (below peak T-bill rates). Money-market funds and other vehicles have similar or lower returns. Equities or real assets carry higher risk (and potential return). T-Bill interest is currently tax-exempt for individuals, boosting net return.
• Millionaire status: To accumulate GHS 1,000,000 (≈US$96K today) by retirement, modest savings plus compounding can suffice. Saving ~GH¢180/month at ~15% yields reaches GH¢1M in 40 years with much smaller effort than trying to reach US$1M. By contrast, reaching US$1 million which roughly is equivalent to ~GH¢10.4M would require far heavier savings of GH¢1–2K/month for 30+ years. These projections assume stable high yields and no withdrawals.
• Role of T-Bills: T-Bills are better at preserving capital or earning steady income than at explosive growth. They are often viewed as a safe parking place or short-term savings tool, especially in crisis periods. When yields were extreme (2022/2023) investors still saw real (in economics speak) losses due to inflation. In stable times, lower yields reflect confidence, but growth is moderate.
  
• Bottom line: T-Bills alone are unlikely to make an average Ghanaian a US-dollar millionaire; they can help build some wealth in GHS with long-term discipline, but inflation and currency risk erode gains. They serve better as a low-risk savings or emergency fund tool than a high-growth engine. Proper diversification (including equities or real investments) is needed for ambitious wealth targets.
  

Ghana T-Bills 101

Ghanaian Treasury Bills are short-term government bonds (maturities typically 91, 182, or 364 days) sold to fund public expenses. They are issued by the Bank of Ghana, on behalf of the Government of Ghana.

How they work

Investors bid for T-Bills at weekly auctions. The government sets the total amount to raise; competitive bids determine the interest rate. Lower bids mean higher yields. The auction results, the discount and interest rates, are published by the Bank of Ghana. In July 2025 the 91-day T-Bill carried a ~14.66% annual yield, the 182-day ~15.03%, and the 364-day ~15.17%.

Issuers and dealers

The Bank of Ghana (BoG) handles the auction process, usually in cooperation with primary dealers such as licensed banks and brokerages. In effect, T-Bills are government debt: the BoG quotes rates and lends to the state.

Access

T-Bills are open to all Ghanaians and some foreign investors. They can be purchased through banks or brokers. Today there are digital channels such as Ecobank Ghana’s TBILL4ALL service that lets anyone buy T-Bills using mobile money (MTN Mobile Money) with as little as GH¢5. After purchase, interest is paid at maturity, and the principal can be rolled over or withdrawn. Critically, Ghana law currently exempts T-Bill interest from income tax for individuals, meaning the quoted yield is effectively the after-tax yield.

Historical T-Bill Performance Analysis

Ghana T-Bill Yield trends

Over the past 10–20 years Ghana’s T-Bill yields have been unusually volatile. In the late 2000s and early 2010s, yields were in the teens, around 25% in 2010 dropping to ~17% by early 2010. Mid-2010s yields hovered in the 15–25% range (a 2015 auction cleared at ~25.20%). After 2019 yields fell (reflecting lower inflation), but in 2022–2023 yields spiked under fiscal stress. By late 2022, 91-day T-bill rates surged above 35%. Bank of Ghana data show the 91-day rate averaging ~12–13% in early 2022, rising to ~35–36% by late 2022. By March 2023 it was ~20.4%, and it later climbed to ~26% by mid-2023. As of mid-2025, the yields have declined into the mid-teens as economic stability improved.

Ghanaian Economy Inflation context

Ghana’s inflation has also been very high and volatile. For example, annual inflation was ~17% in 2015, spiked above 50% in late 2022/2023, and was still ~22.4% in March 2025. This means that even when T-Bill yields are high, inflation can outpace them. Indeed, despite 91-day yields surpassing 35% in 2022, inflation was around 50%, eroding real returns. In calmer periods, yields have sometimes outpaced inflation (e.g. in 2015 inflation ~17% vs T-bill ~25%), but there have been many years when T-Bills did not keep up with rising prices. In practice, Ghanaian investors watch both metrics: falling yields in early 2025 (to ~20%) happened as inflation gradually eased.

Overall returns on Ghanaiana T-Bills

Given this history, the real return (after inflation) on T-Bills has often been modest or even negative. At best, during times of high stability, one could earn a few percentage points above inflation. During crises, yields jumped but not enough to prevent losses in purchasing power. Historically, therefore, T-Bills have been a relatively stable store of value nominally, but not a source of high long-term gains in real terms.

Comparative Investment Analysis

Fixed Deposits (FDs)

FDs as finance folks call them are better known as Fixed Deposit. Fixed Deposits are investment accounts where you deposit for a fixed period and a fixed interest rate. It offers higher interest rates than ordinary savings accounts and is ideal if you want to save for a specific goal, like a wedding or a holiday. Commercial bank FDs in Ghana generally pay less than government rates. For instance, in 2022 the average 3-month deposit rate was only 11.50% for most of the year, rising to 14.0% by Dec 2022. These averaged rates were below even that year’s T-bill yields (which climbed into the 30’s). Fixed deposits are similarly liquid and secure, but usually lock funds for the term. FDs may have penalties for early withdrawal. T-Bill auctions impose no locked schedule beyond the maturity date, and some platforms (like TBILL4ALL) allow partial rediscount.

Below, I give you a picture of what to expect when buying fixed deposits in some Ghanaian banks as of July 2025. 

Institution	Interest Rate (12 Months)	Minimum Deposit	Mobile Access	Notes
Fido Micro	22% p.a.	GHS 100	Yes (Fido App)	Highest available rate
Databank	20% p.a.	GHS 500	Yes (Mfund)	Excellent return
Stanbic Bank	18.5% p.a.	GHS 500	Yes (App)	Strong rate
Societe Generale	18% p.a.	GHS 1,000	Limited	Good mid-level option
Absa Ghana	17.2% p.a.	GHS 1,000	Yes (App + USSD)	Solid rate
Fidelity Bank	16.5% p.a.	GHS 500	Yes	Competitive

Note: Fixed deposit rates change all the time, confirm from your bank before transacting.

Money Market / Mutual Funds

A Money Market Fund is like a savings account, but it is run by an investment company instead of a bank. The company collects money from many people and puts it into short-term, low-risk investments such as treasury bills, fixed deposits, or government securities. On a similar vein, A Mutual Fund is also a group savings pot, but this one invests in more things. Instead of only short-term safe investments, mutual funds can put your money into shares of companies, bonds, and sometimes treasury bills too. Ghanaian money-market funds invest mostly in T-Bills and short-term government debt. Their returns generally track headline T-bill yields minus management fees. Thus, a money-market fund might yield 10–20% in good years but less in low-rate periods. Equity or balanced mutual funds can yield higher returns over time but with much greater volatility; they are not directly comparable to fixed-income T-Bills (and often require higher minimums). Reliable published data on fund returns is scarce, but investors know that diversified equities often beat inflation (over decades) while T-Bills do not.

Top Ranked Money Market Funds by Doobia.com

Money Market Funds	NAV, GHS	Returns (%)					Last Updated
		3M	YTD	1Y	2Y	3Y
Republic Unit Trust	1.1187	+11.61%	+24.58%	+38.15%	+18.92%	+23.50%	28-Aug-25
Databank Educational Investment Fund Limited T1	0.4991	+4.20%	+4.61%	–	+30.89%	+55.05%	17-Apr-25
Databank Money Market Fund Limited	3.0137	+3.98%	+4.66%	–	+34.06%	+45.20%	17-Apr-25
EDC Ghana Money Market Unit Trust	1.2359	+4.32%	+14.11%	+17.19%	–	–	31-Oct-22
Sirius Opportunity Fund	2.9948	+21.89%	+21.89%	+25.10%	+44.87%	+63.31%	31-Mar-23

Note: Mutual Fund rates change all the time, confirm from your bank before transacting.

Government savings plans

The government offers several savings plans that give citizens a safe way to invest their money. Treasury Bills are the most common and run for 91 days, 182 days or 364 days with interest set at the time of purchase. Treasury Notes last one or two years and usually pay a slightly higher fixed rate. Government Bonds cover longer periods such as three, five or even ten years and give higher returns in exchange for locking up funds for more time. All these plans are backed by the state, pay fixed interest, and are tax exempt, but they face the same challenge of inflation reducing the real value of returns. These often mirror T-Bill performance or offer slightly higher fixed rates. For example, Ghana’s 2-year bond has a fixed 21.5% rate, and a 3-year bond in 2023 was set at 29.85%. These are similarly safe (and also tax-exempt). They differ mainly in longer lock-up. One could shift between these and T-Bills for yield or liquidity, but all face the same inflation headwind.

Real Assets / Business Ventures

Investing in property, agriculture, or business carries high risk but potentially higher reward. Unlike the fixed return of T-Bills, a good business or real estate can multiply wealth many times but can also fail. Such investments are not guaranteed and often require more capital, skills, or luck than T-Bills. We do not have Ghana-specific data here, but globally equities or private business often yield higher growth long-term (7–10% real, historically) than treasury bills.

International/Forex Investments

Holding foreign assets (stocks, bonds, or even USD cash) can provide currency diversification. For example, global stock markets (like the S&P 500) have long-term average annual returns (nominal) around 10%, beating Ghana’s T-bills. However, investing abroad has its own risks, fees, and is limited by foreign exchange controls and capital flight rules. T-Bills give returns in cedis and do not hedge cedi devaluation. Ghana’s cedi has fallen from ~GH¢3.8 to the dollar in 2015 to ~GH¢11.7 in 2025 (September), meaning foreign assets (or even US$ holding) would have outpaced cedi investments.

Apps like Achieve and Bamboo help ordinary Ghanaians take part in investing by offering simple, mobile-first access to markets.

Achieve, offered by Petra Securities, lets you save and invest in mutual funds using tools like DigiSave. You set goals, track your savings, and your contributions go into a regulated fund, usually the Plus Income Fund managed by Blackstar Advisors and held safely with Stanbic Bank.

Bamboo opens the door to US stock trading for Ghanaians. You sign up with just your Ghana Card, fund your account using mobile money or card, and buy fractional shares in US companies, even with “small” amounts. Your investments are insured up to US$500,000 through SIPC and FINRA. 

My friend Alfred has a good video on how to buy US stocks in Ghana. For my folks who enjoy video, just like me. 

Watch the tutorial here: https://youtu.be/YNNDfoyGs2o

Recent Gains in Ghana’s Stock Market

The Ghana Stock Exchange (GSE) has seen notable gains this year. As of early September 2025, the GSE Composite Index rose 49.5% year-to-date, and the Financial Stocks Index gained 43.4%. In June 2025, the Composite Index had already climbed 27.8% YTD, led by financial stocks such as Ecobank Ghana, Standard Chartered, and GCB Bank.

Among individual companies, Total Petroleum Ghana stands out with a +144% YTD gain, rewarding investors dramatically. Note that stocks aren’t always ballooning, and it takes great skills to determine which stocks might do well. Consult a financial advisor if you are thinking of making a move in the markets. 

Getting Rich with Ghana T-Bills: Millionaire Status At Old Age or Nah? 

“Millionaire” can mean GH¢1,000,000 or US$1,000,000. I bet you prefer the USD, but read on to find out what it takes to get those Benjamins. Currently GH¢1M ≈ US$96K (using ~GH¢10.43/USD). By Ghanaian standards, GH¢1M is achievable by a disciplined saver; US$1M is much larger (about GH¢10.4M). We run this simple simulation using compounding interest to see what it takes

Becoming GH¢1,000,000

Suppose an investor opens a T-Bill ladder earning ~15% annually. By reinvesting all interest, a deposit of only ~GH¢180 per month would grow to ~GH¢1M in 40 years. For 30 years, it requires ~GH¢485/month; for 20 years ~GH¢1,392/month; for 10 years ~GH¢5,003/month. These figures assume stable 15% yield and monthly compounding. (At a lower 10% yield, one would need about GH¢180/month for 30 years or GH¢1,000+/month for 20 years.)

Investment Period	Monthly Deposit (at 15% annual yield)	Final Value (≈)
40 years	GH¢180	GH¢1,000,000
30 years	GH¢485	GH¢1,000,000
20 years	GH¢1,392	GH¢1,000,000
10 years	GH¢5,003	GH¢1,000,000

T-Bill road to becoming a millionaire in GHS. Note that this is hypothetical and actual rates might be higher or lower depending on the prevailing rates. Do your own research. 

Becoming US$1,000,000 (GH¢10.4M)

This is much harder. Even at 15% yield, to reach ~GH¢10.4M in 30 years one needs about GH¢1,874/month; over 40 years about GH¢458/month. For 20 years it jumps to ~GH¢7,952/month; for 10 years ~GH¢40,120/month. (At 20% yield the required savings are lower, but such high rates are not sustainable long-term.) These examples show that reaching a GH¢1M goal can be within reach with modest savings over decades, but reaching the USD million-mark with T-Bills alone demands very high savings rates.

Investment Period	Monthly Deposit (15% yield)	Final Value (≈)
40 years	GH¢458	GH¢10.4M
30 years	GH¢1,874	GH¢10.4M
20 years	GH¢7,952	GH¢10.4M
10 years	GH¢40,120	GH¢10.4M

Inflation/currency

Note these projections are nominal. In reality inflation will raise the goal’s real cost. With 20–30% annual inflation, GH¢1M in future years buys much less than today. Cedi depreciation means that a GH¢10M pot may still only be US$1M if devaluation continues. In effect, T-Bill returns must exceed inflation to grow real wealth; Ghana’s history suggests this has often not occurred.

T-Bills as a Wealth-Building Tool or Inflation Hedge?

T-Bills are best viewed as a safe income/hedge instrument, not a major growth engine:

Value preservation

They lock in a nominal yield, protecting capital from loss (except inflation). During crises or uncertainty, investors flock to T-Bills for safety, even if rates fall. For example, when Ghana’s 91-day rate fell from ~28% to ~20% in early 2025, the auction still attracted bids far above target. This suggests people value stability over high yields.

Inflation hedge? Not really. In practice T-Bills tend to lag inflation during surges. They can keep pace in stable times, but cannot be counted on to beat inflation. When inflation is low and yields outpace it, T-Bills can grow purchasing power modestly. But in high-inflation Ghana (2022–23), even triple-digit T-Bills couldn’t prevent real loss.

Best use cases

T-Bills are useful for capital preservation, emergency funds, or incremental saving. For example:

• Short-term or emergency savings: Instead of a low-interest bank account, one can put money in a rolling 91-day T-Bill, earning better interest.
• Retirement ladder: Some Ghanaians use T-Bills as a conservative slice of retirement portfolios.
• Passive income: A small allocation can generate steady interest (tax-free) for budgetary needs.
  They are more reliable than risky stocks but grow slower.
• Economic scenarios: T-Bills shine if economy stabilizes (yields moderate and inflation is tamed), providing positive real return. They underperform if inflation or cedi devaluation accelerate. With current inflation still ~20% (early 2025), they do not yet provide meaningful real growth. Over decades, cumulative inflation in Ghana has often outgrown typical T-Bill earnings, implying that T-Bills are not a robust long-term growth asset on their own.
  

Who Are Ghana T-Bills For Anyway?

Individual savers

Many Ghanaians use T-Bills as part of their savings. There are no widely published “success stories” turning T-Bills into fortune, but anecdotal evidence suggests that people treat them as low-risk deposits. The ease of access means even small savers can try them. Some investors have locked salary increments or bonuses into T-Bill “ladders” (reinvesting every quarter) to systematically build a nest egg.

Institutions

Pension funds, insurance companies, and even state agencies invest heavily in T-Bills for liquidity and low risk. A large pension fund might allocate 10–30% of its portfolio to T-Bills, not for high returns but to match short-term liabilities. Databank notes that institutional bids in auctions often overshoot supply, reflecting this demand. Governments globally use T-bills as a stable funding tool; Ghana is no exception.

Read This If You Want to Buy T-Bills in Ghana

How to buy

T-Bills can be bought through banks or brokerages, often via a tender process. Many Ghanaian banks now offer digital purchase: Ecobank’s TBILL4ALL (mobile-money platform) and others let you bid online. Typically you need ID and sometimes a bank account. Minimums vary (often GH¢500 in branch), though some mobile apps allow GH¢5. After maturity, proceeds (principal+interest) are paid out automatically or can be rolled into a new Bill.

Taxation

Currently, interest on Ghanaian T-Bills is tax-free for individuals. That means a quoted 15% yield is the net gain to an investor, unlike some deposits where interest may be taxed. (This favorable tax treatment exists to encourage lending to government.) Note: if tax laws change, real returns could be affected.

Liquidity

T-Bills are medium-liquid. Until maturity, you generally cannot withdraw early unless you sell them in the secondary market (discount houses or banks may buy them back, often at a small loss). Ecobank’s TBILL4ALL even offers a “rediscount” option to exit early. Still, T-Bills are less liquid than a savings account; they suit planned investing rather than sudden big withdrawals.

Accessibility

T-Bills are fully accessible to citizens, including low-income individuals through mobile platforms. You don’t need high income to start. However, consistent investment (as in our simulation) requires discipline. An average salary Ghanaian might need to carefully budget monthly savings. The mobile apps and broker networks make access easy, but financial literacy and trust remain factors (some may prefer physical bonds for familiarity).

Risks

T-Bills are often touted as a risk free investment vehicle but theoretically, there are some risks you should know. 

• Inflation risk: As noted, high inflation can erode all gains, and Ghana has had persistent inflation. This is the principal risk to the real value of T-Bill earnings.
• Currency risk: If the cedi weakens, a cedi-million portfolio can lose value against foreign currencies. Over the long term Ghana’s currency has depreciated significantly.
• Government risk: Technically, a sovereign could default or restructure, but Ghana has prioritized T-Bill payments. (In fact, during the 2022 domestic debt exchange, T-Bills were exempted and remained fully honored.) This is low-probability in the short term.
• Opportunity cost: Money in T-Bills is not invested in higher-yielding assets; over decades this means potentially missing out on greater wealth accumulation in stocks or real estate.
  

You now have a ton of information about treasury bills. If you’d like to know how to actually buy some of those government assets, here is a tutorial by Alfred Nkansah. 

Watch the tutorial here: https://youtu.be/LbwusChEXQ4

T-Bills: Glorified Hedge or Wealth Engine?

Ghana’s Treasury Bills are very safe and offer nominal returns well above many bank deposits. They are a useful tool to park savings securely, earn some interest, and preserve value in cedi terms. However, on their own they fall short of true wealth creation in Ghana’s high-inflation context. The simulations above show that only disciplined, long-term saving (and assuming sustained high yields) could turn everyday savings into a cedi-millionaire status by retirement. Becoming a dollar-millionaire via T-Bills, however, is highly unrealistic for most without extraordinary saving.

In short, T-Bills are more like a “glorified savings account” than a “get-rich” investment. They should be used as a stability and income tool – for emergency funds, portion of retirement savings, or safe growth of idle cash – rather than the core of an aggressive wealth plan. For significant wealth building, one would likely need to diversify into equities, real assets, or higher-growth ventures (accepting more risk).

Ghanaian investors aiming for millionaire status should indeed take advantage of T-Bills to preserve and slightly grow their capital. But they should temper expectations: with moderate interest and high inflation, T-Bills alone generally cannot outpace the true cost of living increase. They serve well as a hedge against loss, but not as an engine of high growth.So, you could become a millionaire in either GHS or USD based on your monthly deposits into the auction, but will that million be worth what it is now in 30 years time? From all the reading you have done, you should know! Hit me up with your answers on X/Twitter.

Disclaimer: Our views are hypothetical at best and must not be construed as financial advise or be used to make any financial decisions. Consult