Maximising the Worth of the Young Accountant in Ghana, Treasury Bills or Shares?

Ernest Bruce-Twum


Treasury bills have gained a high appeal among the Ghanaian population as a security with a high return and virtually no default risk. Stocks are of higher risk, and therefore according to finance theory should offer higher return than treasury bills. It is therefore expected that the young accountant, should be investing in stocks rather than treasury bills, to grow his /her worth faster. The paper looks at the average annual returns on investments in treasury bills and shares in Ghana within a period of fifteen years, i.e. 1991-2005; To determine whether investors who buy shares are given premiums for taking risk; Again to ascertain whether investors are adequately compensated in real terms, that is after considering inflation, and finally to ascertain which of the two investments will maximise the worth of the young accountant.

The researcher analyse nominal and real returns of both treasury bills and Shares, over the period and using statistical measure of standard deviation and co-efficient of variation for two investors, arrived at the conclusion that it is worth investing in shares as a young accountant, and better investing in treasury bills when you are 56 years and above and nearing your retirement. It was also confirmed that investors are rewarded for bearing risk. The paper also found out that both investments earn returns above inflation over the period.

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