The 91-day Treasury bill paid 4.5624% at tender 2032, issued on 9 November, according to the Bank of Ghana.
Inflation was 5.5% in October, says the Ghana Statistical Service. Savers in the shortest bill are now losing about 0.9 points a year in real terms.
Longer paper still pays. The 182-day bill yielded 6.2019% and the 364-day bill 9.4845%, about 4 points above inflation.
A year ago the 91-day bill paid 10.9277%. On GHS 10,000 (about US$854 at GHS 11.71), a 91-day bill now earns roughly GHS 114 over its term, against GHS 273 a year ago.
The policy rate has been 14.0% since September, 9.4 points above the 91-day yield. The Monetary Policy Committee meets on 16–18 November.
The cedi traded at GHS 11.71 to the dollar on the interbank market on 12 November. The Budget Statement puts its fall at 10.1% against the dollar this year to end-October.
Results of this week's auction, tender 2033, had not been posted at 03:00 Europe/London on 13 November.
Related: Tender 2032 auction results.