When it comes to growing your money in Ghana, two of the most popular options are Treasury bills and unit trusts. Treasury bills offer safety and guaranteed returns, while unit trusts offer higher potential returns but come with more risk. The right choice depends entirely on your goals, your timeline, and your stomach for risk.
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What Are Treasury Bills?
A Treasury bill (T-bill) is a short-term loan you give to the Government of Ghana. You lend them money for 91 days, 182 days, or 364 days, and they pay you back with interest .
The government sets the rate at weekly auctions through the Bank of Ghana. As of September 2026, the rates were approximately:
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91-day bill: 4.69%
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182-day bill: 6.51%
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364-day bill: 10.10%
These are not annual rates—they are the returns for the respective periods.
Why T-Bills Are Popular
T-bills are backed by the sovereign guarantee of the government. In practical terms, this is the closest thing to a risk-free investment in Ghana. Your capital is protected, and your returns are locked in from the day you invest .
Interest income on Treasury bills is also exempt from tax for individuals .
What Are Unit Trusts?
A unit trust pools money from many investors and hands it to a professional fund manager who invests across a mix of assets—government securities, equities, fixed deposits, and more. You buy “units” in the fund, and your value grows (or shrinks) as the portfolio performs .
Types of Unit Trusts
Ghanaian funds generally fall into a few categories :
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Money Market Funds – Invest in short-term instruments like T-bills and commercial paper. Low risk, moderate returns.
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Fixed Income Funds – Invest primarily in bonds. Moderate risk, higher returns than money market funds.
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Equity Funds – Invest in stocks listed on the Ghana Stock Exchange. Higher risk, potentially higher returns.
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Balanced Funds – A mix of the above. Good for diversification.
Recent Performance
Unit trusts have delivered strong returns in 2025, driven by a rally in the Ghana Stock Exchange. CAL Asset Management’s Balanced Unit Trust returned 32.16% for 2025, while its Fixed Income Unit Trust returned 19.22%—outperforming the 364-day T-bill benchmark of 17.20% .
Republic Investments’ Equity Trust delivered an 84.2% return in 2025 .
However, these are past returns. Equity funds can swing widely—some years up 30%, some years flat or negative .
Key Differences at a Glance
| Feature | Treasury Bills | Unit Trusts |
|---|---|---|
| Risk Level | Very low (government-backed) | Varies (low to high depending on fund type) |
| Returns | Fixed and known upfront | Variable; not guaranteed |
| Liquidity | Locked in for the term (91, 182, or 364 days) | Open-ended; can redeem anytime (some funds have exit fees) |
| Minimum Investment | As low as GH¢100 through some platforms | As low as GH¢20 (NIMED) or GH¢20 (Stanbic) |
| Management | You manage it yourself | Professional fund manager |
| Tax on Returns | Exempt for individuals | Exempt from tax |
| Fees | None (you buy directly) | Management fees (1.25%–2.0% p.a.), possible entry/exit fees |
When Treasury Bills Make Sense
T-bills are ideal if:
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You are risk-averse and want to protect your capital
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You need to park money for a short period while deciding on a longer-term strategy
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You want predictable, guaranteed returns
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You are just starting out and want a safe foundation
The catch? Your money is locked in for the duration of the bill. If you buy a 182-day bill, you are committed for six months. Don’t put emergency funds here .
When Unit Trusts Make Sense
Unit trusts are ideal if:
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You want higher potential returns than T-bills offer
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You are willing to accept some risk in exchange for growth
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You want professional management without doing the research yourself
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You are investing for the medium to long term (3+ years)
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You want diversification across different asset classes
The catch? Returns are not guaranteed. During market downturns, equity funds can lose value. This is not fraud—it is market risk. Understand what you are buying before you buy it .
The Hybrid Approach
Many smart investors use both. A common strategy is to keep a portion of your money in T-bills as a safe foundation, then invest a smaller portion in unit trusts for growth. This gives you the security of guaranteed returns on part of your portfolio while still participating in market upside .
As Republic Investment’s management noted, a properly diversified portfolio—rather than just government securities—can yield significantly more than T-bills alone .
What the Data Says
A 2025 academic study of Ghanaian collective investment schemes found that equity-focused funds produced risk-adjusted underperformance over the 2011–2022 period, with negative alpha values. This means that, after adjusting for risk, equity funds did not deliver better returns than a simple T-bill investment during that period .
However, that study covered a long period that included significant market volatility. The strong returns of 2025 show that equity funds can deliver exceptional performance in favorable market conditions.
Quick Facts
| Topic | Details |
|---|---|
| 91-day T-bill (Sept 2026) | 4.69% |
| 364-day T-bill (Sept 2026) | 10.10% |
| Unit Trust Minimum | From GH¢20 |
| T-Bill Minimum | From GH¢100 |
| Management Fees | 1.25%–2.0% p.a. |
| Tax on T-Bills | Exempt for individuals |
| Tax on Unit Trusts | Exempt |
Frequently Asked Questions
1. Are unit trusts better than Treasury bills in Ghana?
It depends on your goals and risk tolerance. T-bills are safer and offer guaranteed returns. Unit trusts offer higher potential returns but come with more risk. Many investors use both .
2. What is the current Treasury bill rate in Ghana?
As of September 2026, the 91-day bill was 4.69%, the 182-day bill was 6.51%, and the 364-day bill was 10.10% .
3. How much can I earn from a unit trust in Ghana?
Returns vary by fund type. In 2025, CAL’s Balanced Unit Trust returned 32.16%, and its Fixed Income Unit Trust returned 19.22% . Equity funds performed even better, with Republic Equity Trust returning 84.2% .
4. What is the minimum investment for a unit trust in Ghana?
You can start with as little as GH¢20 with NIMED Capital and Stanbic .
5. Are Treasury bills tax-free in Ghana?
Yes. Interest paid to individuals on bonds issued by the Government of Ghana, including Treasury bills, is exempt from tax.
6. Can I lose money in a unit trust?
Yes. Unit trust returns are not guaranteed. Equity funds, in particular, can lose value during market downturns. Your capital is at risk .
7. Which is more liquid: T-bills or unit trusts?
Unit trusts are more liquid. They are open-ended, meaning you can redeem your units at any time at the Net Asset Value (some funds charge exit fees for early withdrawals). T-bills lock your money in for the term .
8. What fees do unit trusts charge?
Management fees typically range from 1.25% to 2.0% per annum. Some funds also charge subscription or redemption fees
Source: Accra Street Journal
Last Updated on September 16, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
