Treasury bills are still one of the safest ways to invest in Ghana today. They are backed by the government, easy to access, and continue to offer steady returns. But in 2026, one thing is becoming clear: while T-bills remain safe, they are no longer enough on their own for investors who want to grow their money.

Over the past year, returns on Treasury bills have dropped significantly. The 91-day T-bill rate, which stood at 25.8 per cent not long ago, has declined to around 10.6 per cent. At the same time, inflation has fallen sharply to about 5 per cent. This signals improving economic stability, but it also changes the game for investors. The high-return window that once made T-bills extremely attractive has narrowed.

Government policy is also shaping this shift. There is a stronger push to reduce reliance on external borrowing and instead raise funds locally. This has led to more frequent Treasury bill issuances, attracting strong demand from banks, institutions, and individuals. While this reinforces confidence in T-bills, it also contributes to lower yields as more money chases the same instruments.

On paper, earning around 10 per cent in a 5 per cent inflation environment still looks positive. But once you consider taxes, fees, and the fact that your money is locked for a period, the actual gain is modest. In simple terms, T-bills today are better suited for preserving money than significantly growing it.

The key question for investors is no longer whether Treasury bills are a good option. They are. The real question is whether relying only on them is enough in today’s environment. Increasingly, the answer is no.

This is where a broader perspective becomes important. Drawing on financial insight and market trends, Kukua outlines alternative investment options to consider in 2026 as returns on traditional instruments continue to ease.

Alternative Investments to Consider in 2026

As returns on Treasury bills settle, investors need to think beyond just keeping their money safe and start focusing on growing it. This means spreading investments across different options instead of relying on only one.

1. Buying Shares on the Ghana Stock Exchange (GSE)

One of the most direct ways to grow your money is by buying shares in companies. When you buy a share, you are simply buying a small part of a company.

The Ghana Stock Exchange has recorded one of its strongest runs in recent history. In fact, the Ghana Stock Exchange was ranked the second-best performing stock market in Africa in 2025, highlighting the strength of the rally. The market has delivered about 79% returns in 2025 and has continued that momentum in 2026, with year-to-date gains exceeding 70% in some periods.

For more context, GHS 1,000 invested in some top GSE stocks at the start of 2026 could have grown to over GHS 2,200 within three months. In the same period, a 91-day Treasury bill would return only about GHS 27.

How to invest? You start by opening a Central Securities Depository (CSD) account, which is required to buy shares in Ghana. After that, you can invest through a licensed stockbroker or use digital platforms like the Black Star Brokerage app to place your trades.

• Corporate Bonds

Corporate bonds are loans you give to companies instead of the government. In return, the company pays you interest.

What is the difference between bonds and shares? Corporate bonds make you a lender, with fixed interest payments that don’t depend on company performance, while shares make you an owner whose returns (like dividends or share price gains) depend on how well the company performs.

Also, companies carry slightly more risk than the government; they usually offer higher returns than Treasury bills. The higher the risk, the higher the return. Many well-known institutions in Ghana issue bonds, making this a middle-ground option between safety and higher returns.

To purchase corporate bonds in Ghana, you must also open a CSD account through an SEC-licensed broker (like a bank or investment firm). You then fund your account to buy bonds either during a new issuance or on the secondary market via the Ghana Fixed Income Market (GFIM). Once the trade settles, you earn periodic interest payments until the bond matures and your principal is returned.

Examples of institutions offering corporate bonds include: Ecobank Ghana Corporate Bonds, MTN Ghana Bonds, Standard Chartered Bank Ghana Bonds, etc.

• Crypto Yields

Cryptocurrencies generate returns in more dynamic ways. The most common is capital appreciation: such as buying Bitcoin or Ethereum at a lower price and selling when values rise.

Some newer options also let investors earn returns. One way is called staking, where you lock your crypto in a system to help run transactions and earn rewards (like extra crypto)  in return. Another way is through crypto lending, where you lend out digital dollars like USDT or USDC and earn interest over time.

While this can sound attractive, it is important to understand that crypto is highly unpredictable. Prices can rise quickly, but they can also fall just as fast. There are also risks, such as losing money due to platform issues or a lack of regulation.

For this reason, crypto is best seen as a high-risk option and should only be a small part of an overall investment plan.

• Leave your Money in your MOMO account

We know. Hear this one out. Interestingly, mobile money platforms like MTN MoMo in Ghana give users a relatively small interest for money they keep in their wallets.

These providers generate interest by holding customer funds in pooled trust accounts with partner banks, where the balances are invested in low-risk instruments like Treasury bills.

The interest earned on these pooled funds is then shared among the users on a quarterly basis.  However, the returns are generally minimal and modest and not fixed, as they depend on your wallet balance, transaction history, and regulatory guidelines.

As a result, while mobile money may provide a small passive return on idle funds, it is better viewed as a transactional convenience rather than a structured investment vehicle. We thought it was still worth mentioning.

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Other notable investments include mutual bonds and unit trusts. Mutual funds are funds spread across multiple investments, and Unit trusts work in a similar way, where you buy units and their value changes based on performance.

These are some investment options to consider!

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About the authors:

David Nii Armaah is a top-tech Researcher and an Industry voice. He possesses the analytical skills of an applied researcher and expertise in data, technology, innovation, and digital entrepreneurship. Connect via LinkedIn: David Nii Armaah

Kukua Darkoa Opong (CA, MSc, FMVA) is a Chartered Accountant and Finance Professional. She brings expertise in financial reporting, investments, budgeting, and cash flow management, with a strong background across fintech, audit, and corporate finance. Connect via LinkedIn: Kukua Darkoa Opong