Bank of Ghana Secures GHS 2.1 Billion in Short-Term Funding
The Bank of Ghana successfully raised GHS 2,112 million through the issuance of its short-term securities, known as BoG bills, in an auction held on August 28, 2024.
The 56-day maturity bills were sold at an interest rate of 28.9 percent, reflecting the central bank’s ongoing efforts to regulate money supply and manage liquidity within the banking system.
While the auction attracted significant interest from primary dealers, the exact value of bids was not disclosed.
The strong uptake of BoG bills underscores the central bank’s ability to attract funding from the domestic financial market, a crucial aspect of its broader monetary policy strategy.
BoG bills are a key instrument in the Bank of Ghana’s Open Market Operations (OMO), which aim to influence credit costs and availability by adjusting money supply.
These operations are central to the bank’s efforts to maintain economic stability and manage inflationary pressures.
The funds raised are often loaned directly to the government, suggesting that the Government may utilize the proceeds to finance its short-term budgetary needs or other financial obligations.
