- Bank of Ghana Intensifies Liquidity Mop-Up With GHS 24.80bn Bill Sale
The Bank of Ghana has mopped up GHS 24.80 billion from the market through the sale of its 14-day bills, as part of ongoing liquidity management operations aimed at supporting monetary policy transmission and controlling excess liquidity in the financial system.
According to the Bank of Ghana’s Notice to Banks and the Public No. 865, the results of Tender 865, held on June 10, 2026, showed total amount sold of GHS 24,797.57 million, equivalent to GHS 24.80 billion.
The 14-day Bank of Ghana bill, with ISIN GHCBAGH01116, recorded a bid rate range of 10.40 percent to 10.46 percent per annum.
The bid rates allotted in full were also within the same range, while the interest rate allotment range stood at 10.44 percent to 10.50 percent.
The weighted average discount rate for the June 10 to June 12, 2026 period was 10.46 percent, while the weighted average interest rate stood at 10.50 percent.
The auction forms part of the central bank’s regular open market operations, through which it absorbs excess liquidity from the banking system to help manage short-term interest rates and support broader monetary stability.
Bank of Ghana bills are typically used as liquidity-mopping instruments rather than government financing tools. They allow the central bank to withdraw surplus funds from the market, reduce liquidity-driven inflationary pressures and strengthen the effectiveness of its monetary policy stance.
The latest sale comes at a time when the Bank of Ghana is working to preserve recent macroeconomic gains, stabilise inflation expectations and support exchange rate stability.
Liquidity conditions remain an important part of the policy mix, especially as foreign exchange pressures, import demand and corporate dollar demand continue to influence market sentiment.
By selling short-term central bank bills, the Bank of Ghana is effectively reducing the amount of free liquidity available in the banking system.
This can help limit speculative demand for foreign exchange, moderate inflationary impulses and keep short-term money market conditions aligned with the central bank’s policy objectives.
The size of the latest auction also signals continued active liquidity management by the central bank.
At GHS 24.80 billion, the amount mopped up was significant and points to the Bank of Ghana’s determination to maintain firm control over liquidity at a time when financial market stability remains central to the country’s economic recovery.
The weighted average interest rate of 10.50 percent also provides a signal on short-term liquidity pricing in the market.
For banks and money market participants, the 14-day bill continues to offer a short-tenor placement option, while also serving the central bank’s objective of absorbing liquidity without directly increasing government borrowing.
The result also shows a lower weighted average interest rate compared with some earlier liquidity-mopping operations, suggesting that short-term money market pricing remains contained even as the central bank continues to absorb substantial liquidity.
The outcome reinforces the role of Bank of Ghana bills as a key liquidity management instrument in Ghana’s monetary policy framework.
The central bank’s challenge will be to sustain liquidity discipline without creating undue pressure on credit conditions, especially as government seeks to support private sector activity and economic growth.
For now, the latest auction confirms that the Bank of Ghana remains active in using short-term securities to mop up liquidity and safeguard monetary
