BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance
The Bank of Ghana (BoG) has mobilised GHS 15.38 billion through the issuance of 56-day central bank bills, as it intensifies efforts to mop up excess liquidity and strengthen the transmission of its monetary policy.
The short-term securities, auctioned on July 30, 2025, were issued at a yield of 19.4%, according to official results published by the Central Bank. The Bank, however, did not disclose the total bid volume received or its auction target, leaving a gap in gauging investor appetite and bid coverage.
BoG bills remain a primary tool under the Bank’s Open Market Operations (OMO), used to manage systemic liquidity, anchor inflation expectations, and reinforce forward guidance on policy rates. The 56-day tenor issued this week reflects the BoG’s continued preference for short-duration instruments to retain flexibility in monetary operations.
While the 19.4% yield on the bills is below the current policy rate of 25%, analysts interpret the pricing as indicative of a cautious tightening stance. The differential is seen as an effort by the BoG to maintain real positive returns for investors while signalling continued disinflationary commitment.
