BoG Raises GHS 2.5 Billion From 56-Day Bill Auction
The Bank of Ghana (BoG) raised GHS 2.53 billion in its latest short-term debt issuance, following the results of its 56-day bill auction held on Monday, July 21, 2025, according to an official notice issued by the central bank.
The auction, identified as Tender 819, saw investor bids ranging between discount rates of 11.7820% and 24.0741% per annum. However, the Bank allotted bids more selectively, accepting only those within a significantly narrower range of 11.78% to 12.74%.
The weighted average discount rate for the accepted bids was 12.27%, translating to an equivalent interest rate of 12.51% per annum.
The issuance attracted strong demand despite the conservative bid allocation approach, reflecting what market analysts suggest is BoG’s ongoing monetary policy posture aimed at stabilising short-term yields while cautiously managing liquidity.
The total amount raised from the auction – GHS2.53 billion – signals continued reliance on open market operations as a tool to mop up excess liquidity and guide inflation expectations.
This issuance comes amid heightened investor interest in short-term sovereign instruments as uncertainty around medium- to long-term fiscal consolidation persists.
The BoG did not indicate the total volume of bids submitted, nor did it comment on the level of oversubscription. However, the narrow spread between accepted bids and weighted average rates suggests measured demand, with the Bank maintaining a tight rein on the cost of short-term borrowing.
