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Bank of Ghana Mops Up GHS 3.42Bn in Short-Term Bill Sale as Liquidity Tightening Continues

5 months ago
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Bank of Ghana Mops Up GHS 3.42Bn in Short-Term Bill Sale as Liquidity Tightening Continues

The Bank of Ghana has raised GHS3.42 billion through the issuance of 56-day bills in its latest Open Market Operation, reinforcing its liquidity management stance amid elevated inflation and efforts to stabilise short-term rates.

The auction, conducted on Monday, May 5, priced the bills at a yield of 27.9 per cent—just below the benchmark monetary policy rate of 28 per cent. While the central bank did not disclose either the size of bids received or the auction target, market analysts view the issuance as successful, citing sustained demand for high-yielding cedi assets in a tightening monetary environment.

This latest intervention aligns with the BoG’s broader strategy to absorb excess liquidity from the banking sector and anchor inflation expectations. The short-term securities also serve as a key instrument for influencing interbank rates and guiding money market pricing.

The success of the 56-day bill issuance reflects investor confidence in short-term sovereign credit despite macroeconomic uncertainties. It also illustrates the BoG’s delicate balancing act of supporting fiscal operations while maintaining its inflation-targeting framework.

Proceeds from BoG bills are often deployed toward the short-term financing needs of the Government, suggesting ongoing coordination between fiscal and monetary authorities.

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