Ghana's Treasury Bill market offers exactly three tenors. Choosing between them is less about finding the "best" one and more about matching the right one to your own timeline. Here is how.
The Three Tenors
Tenor simply means the length of time a Treasury Bill runs before it matures and pays out:
| Tenor | Roughly | Best suited for | Trade-off |
|---|---|---|---|
| 91-day | 3 months | Money you may need again soon, or testing the process for the first time | You decide again, sooner, whether to reinvest |
| 182-day | 6 months | A middle ground, for goals a season or two away | Locks money up longer than 91-day, shorter than 364-day |
| 364-day | About 1 year | Money you are confident you will not need for a full year | Ties up your money the longest, but you reinvest less often |
There is no custom length available; every Treasury Bill you buy will be one of these three.
The Core Trade-Off
Choosing a shorter tenor means your money comes back sooner, and you get to decide again, fairly quickly, whether to reinvest, try something else, or spend it. The trade-off is deciding more often, and the rate on offer at your next auction could differ from today's.
Choosing a longer tenor means locking in today's rate for a longer stretch. If rates fall afterward, you benefit, since you keep earning the higher rate you originally locked in. If rates rise instead, you miss out on that higher rate until your bill matures, since your money is already committed. Neither direction is inherently better; it depends on what happens to rates after you invest, which nobody can predict with certainty. See our guide on how Treasury Bill returns are calculated to see exactly how much this trade-off is worth in cedis, using a real dated example.
How to Actually Decide
Before choosing, write down the date you expect to need this specific money back, if you have one. Comparing that date to 91, 182, and 364 days from today makes the right tenor far easier to see than guessing. Our Goal Planner can help you work out that timeline if you have not already mapped it out for a specific goal.
Many first-time investors choose the shortest tenor, 91 days, purely to see the full buying process through once before committing to anything longer. There is no penalty for this; it is a reasonable way to build confidence before locking money up for longer. See our step-by-step buying guide for the full process either way.
A Note on "Notes"
You may occasionally hear a bank mention 1-year or 2-year "Notes" alongside Treasury Bills. These are a related but different instrument, called Treasury Notes, not a fourth T-bill tenor. If you come across them, treat them as a separate topic to research on their own terms rather than assuming they behave the same way as the tenors described above.
FAQ
Which tenor should a complete beginner choose? Many choose 91 days first, purely to experience the process before committing to something longer. There is no universally correct answer; it depends on your own timeline.
Can I choose a length other than 91, 182, or 364 days? No. These are the only three tenors currently offered.
What if rates change between now and when I want to reinvest? They likely will; rates move every week. This is exactly the trade-off a shorter tenor exposes you to more often, and a longer tenor shields you from until maturity.