Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate
The Bank of Ghana (BoG) raised a total of GH¢7.0 billion from the sale of its 56-day bills at the latest tender (No. 832) held on October 20, 2025, according to official auction results published by the central bank.
The auction saw bid rates ranging between 20.00% and 20.81% per annum, with allotments made in full within the same range. The weighted average discount rate settled at 20.77%, translating to an interest rate of 21.46% per annum.
The auction results indicate continued investor demand for short-term BoG securities, given the high yield on the debt instrument.
Market Context
The issuance comes at a time when the central bank is maintaining tight monetary conditions to anchor inflation expectations and support the cedi’s recent gains.
Analysts note that the attractive yield on BoG bills continues to draw strong participation from commercial banks and institutional investors seeking safe short-term instruments amid ongoing liquidity management operations.
The GH¢7.0 billion raised under this tender adds to the BoG’s ongoing efforts to mop up excess liquidity and stabilise the foreign exchange market, following its recent shift from weekly FX auctions to spot sales for commercial banks.
Background
The Bank of Ghana bills are short-term debt instruments used for monetary policy operations and liquidity management. The 56-day paper is among the tools employed by the central bank to regulate money supply and influence short-term interest rates.
