- Bank of Ghana withdraws GH¢11.39 billion through 14-day bill auction
The Bank of Ghana has withdrawn GH¢11.39 billion from the financial system through the sale of short-term central bank bills, as part of its ongoing liquidity management operations.
Results of Tender 868, held on Monday, June 29, 2026, show that the central bank sold GH¢11,389.57 million in 14-day Bank of Ghana bills.
The securities attracted bid rates ranging from 10.40% to 10.46% per annum.
The Bank of Ghana allotted bids in full within the same discount-rate range of 10.40% to 10.46%, while the corresponding interest-rate range stood between 10.44% and 10.50%.
The weighted average discount rate for the 14-day bill was 10.45%, with a weighted average interest rate of 10.49% for the period covering June 29 to June 30, 2026.
The auction forms part of the central bank’s open market operations, through which it issues short-dated securities to absorb excess liquidity from banks and help support monetary policy transmission.
Unlike regular Treasury bill auctions, which are used by government to raise funds for budgetary operations, Bank of Ghana bills are primarily monetary policy instruments used to manage liquidity conditions in the banking system.
The latest GH¢11.39 billion sale points to continued liquidity sterilisation by the central bank as it seeks to keep short-term money market conditions aligned with its broader disinflation and exchange-rate stability objectives.
Liquidity conditions in the banking system remain important for inflation management, credit pricing and foreign exchange market stability. Excess liquidity can put pressure on short-term rates, increase demand for foreign currency and weaken the effectiveness of monetary policy.
By issuing short-term bills, the Bank of Ghana temporarily removes liquidity from the market, helping to moderate excess cash within the financial system.
The 14-day tenor also gives the central bank flexibility to respond quickly to changing market conditions, particularly at a time when exchange-rate movements, inflation expectations and banking-sector liquidity are closely watched by investors and businesses.
The weighted average interest rate of 10.49% on the 14-day instrument provides an indication of pricing conditions in the short-term money market, while the large amount sold underscores the scale of liquidity being managed by the central bank.
The results were signed by Aimee Vyda Quashie, Secretary of the Bank, in a notice to banks and the public dated June 29, 2026.
The latest auction reinforces the Bank of Ghana’s continued reliance on short-term securities to manage liquidity and preserve monetary stability as Ghana sustains its recovery and seeks to keep inflationary pressures contained.
Source: Bank of Ghana Notice to Banks and Public No. 868, Results of Tender 868.
