When “Safe” is not enough: Choosing knowledge in an age of financial noise

By Prof. Samuel LARTEY

www.pefghana.org

In times of economic uncertainty, investors often retreat to what feels familiar and safe. Ghana’s financial markets are currently reflecting this instinctive behaviour. According to recent auction results from the Bank of Ghana, interest in government treasuries surged significantly, with total bids tendered exceeding the target by approximately 20.41 percent. The government aimed to raise GH¢7.5 billion, yet the bids accepted reached an estimated GH¢9.1 billion.

This renewed appetite for treasury bills signals a broader narrative. Investors are seeking certainty in a system still healing from debt restructuring, inflation shocks and currency volatility. However, as Robert Kiyosaki warns in his book Fake: Fake Money, Fake Teachers, Fake Assets, safety is often an illusion when money itself is misunderstood. The key question facing Ghanaian investors as the country looks toward 2026 and beyond is not whether treasury bills are good or bad, but whether money alone can ever be a sufficient store of value without education, strategy and asset ownership.

When “safe” instruments no longer guarantee real value, Ghanaian investors must rethink wealth by prioritising education, understanding money systems, and building productive assets beyond short-term security.

Understanding the Flight to Treasuries in Context

The surge in treasury bill subscriptions reflects rational caution. Following the Domestic Debt Exchange Programme of 2023, confidence in longer-term instruments was shaken, prompting many investors to turn to short-dated securities. The latest auction data illustrates this clearly.

A substantial portion of the bids came from the 91-day bill, where approximately GH¢6.54 billion was tendered, and GH¢6.53 billion was accepted. The 182-day bill attracted GH¢1.06 billion in bids, with GH¢1.05 billion accepted. For the 364-day bill, GH¢1.50 billion was tendered, while slightly over GH¢1.4 billion was accepted. Yields moved modestly upward, particularly for the 91-day and 182-day bills, reinforcing their attractiveness to short-term investors.

Snapshot of Recent Government Treasury Auction Results

Instrument	Amount Tendered GH¢	Amount Accepted GH¢
91 Day Bill	6.54 billion	6.53 billion
182 Day Bill	1.06 billion	1.05 billion
364 Day Bill	1.50 billion	1.40 billion plus
Total	9.10 billion plus	9.10 billion

 

The “Snapshot of Recent Government Treasury Auction Results” reflects auction data from a treasury bill auction held in early January 2026, specifically reported on January 11, 2026, and published by Ghanaian media citing Bank of Ghana auction results showing total bids tendered of about GH¢9.1 billion against a target of GH¢7.5 billion.

This data underscores a deeper truth. Investors are choosing liquidity and predictability overgrowth and complexity. Yet Kiyosaki would caution that repeatedly rolling over short-term money instruments is not investing in wealth, but managing exposure to risk within a system that itself remains fragile.

Money Versus Assets: The Core Decision Investors Must Make

Kiyosaki’s central thesis in Fake is that modern money is not designed to make individuals wealthy. It is designed to circulate, inflate and be managed by policy. When inflation outpaces yields, holding money becomes a silent loss. Even when yields rise modestly, as seen in recent treasury auctions, the real question remains whether returns exceed inflation sustainably.

Assets, by contrast, are meant to produce income or appreciate independently of currency movements, provided they are understood and well managed. In Ghana, this distinction is becoming increasingly important. Treasury bills offer short-term stability, but they do not build productive capacity. Assets such as rental real estate in high-demand urban centres, well-structured small and medium enterprises, dividend-paying equities and skill-based professional services generate value beyond interest income.

The danger, as Kiyosaki notes, lies in owning assets without education. A poorly managed business drains cash. An over leveraged property becomes a liability. This is where education becomes the decisive factor.

Why Education Is the Real Hedge Against Uncertainty

Between 2022 and 2023, Ghana experienced inflation levels exceeding forty percent. During this period, many savers realised that nominal returns did not translate into real purchasing power. What separated those who merely survived from those who adapted was not access to money, but access to knowledge.

Financial education enables investors to interpret yield movements, understand risk premiums and evaluate real returns. Business education allows entrepreneurs to build systems that survive economic cycles. Digital and professional education opens opportunities beyond domestic constraints, particularly in a globalised economy.

Kiyosaki argues that schools teach people how to work for money, not how money works. This gap becomes dangerous during economic shocks. In Ghana’s case, the restructuring of government debt, the repricing of risk and the rise in short term instruments all point to the same conclusion. Without education, even safe instruments can produce long term stagnation.

Treasury Bills as a Tool, Not a Destination

The renewed interest in treasury bills is understandable and, when used correctly, sensible. They provide liquidity, capital preservation and predictable income. However, they should function as a parking space for capital, not the final destination for wealth creation.

Investors who rely solely on treasury bills risk missing opportunities to build assets that grow with population expansion, urbanisation and technological change. Ghana’s housing deficit, expanding informal to formal business transitions and growing digital economy all represent asset-driven opportunities that cannot be accessed through money instruments alone.

Kiyosaki’s warning in Fake is clear. People who believe money itself is an asset often end up trapped in cycles of saving and spending, while inflation quietly erodes value.

A Smarter Investment Philosophy for 2026 and Beyond

As Ghana looks ahead, the most resilient investors will be those who reorder their priorities. Education must come first, followed by disciplined asset acquisition, supported by money as a tool rather than a goal. Treasury bills will remain relevant, especially for liquidity management, but they cannot replace the long-term role of productive assets.

The future investor is not one who chases the highest yield, but one who understands systems, evaluates trade-offs and invests deliberately. In this sense, Fake is less a critique of financial markets and more a call to intellectual responsibility.

Conclusion

The surge in treasury bill subscriptions tells a powerful story about fear, caution and recovery. Yet it also highlights a deeper challenge. In a world where money can be printed, restructured or devalued, real security does not lie in instruments alone. It lies in understanding.

Robert Kiyosaki’s Fake reminds us that ignorance is the most expensive liability of all. As Ghana moves toward 2026 and beyond, investors who prioritise education, asset building and long-term thinking will be better positioned than those who simply follow money flows.

Treasury bills may protect capital today. Knowledge will protect wealth tomorrow.

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