Bank of Ghana Raises GHS 4.05 Billion in Short-Term Bill Sale
The Bank of Ghana (BoG) has mobilised GHS 4.05 billion through the issuance of 56-day central bank bills, underscoring its commitment to tighten liquidity conditions and maintain a firm monetary policy stance amid ongoing disinflation efforts.
The securities, auctioned on June 18, were priced at an interest rate of 27.9%, in line with the prevailing benchmark policy rate. The issuance forms part of the BoG’s broader Open Market Operations (OMO) strategy, which seeks to absorb excess liquidity from the banking sector, manage inflation expectations, and signal the central bank’s rate direction.
While the Central Bank published the interest rate and total funds raised, it withheld details on the bid volume and auction target, key indicators typically used by market participants to gauge investor appetite and the strength of demand.
The elevated yield suggests the BoG remains firmly committed to disinflation, despite the pressures of a fragile post-crisis recovery and fiscal adjustments under Ghana’s ongoing three-year IMF programme. With headline inflation trending downward, the Central Bank appears keen to anchor expectations and prevent a resurgence of price pressures.
Proceeds from the issuance are expected to provide short-term funding support to the government, a practice common in BoG’s liquidity management operations.
