BoG Raises GHS 4.83bn via 56-day Bills to Tighten Liquidity
The Bank of Ghana (BoG) has raised GHS 4.83 billion from the issuance of 56-day central bank bills as part of efforts to absorb excess liquidity from the banking system and reinforce monetary policy transmission.
The securities, auctioned on August 18, 2025, cleared at a yield of 24.9 percent, according to results published by the central bank. The BoG, however, did not disclose the volume of bids submitted or its auction target, leaving uncertainty over the level of investor demand and bid coverage.
Central bank bills remain a key instrument under the BoG’s Open Market Operations (OMO), deployed to manage system liquidity, anchor inflation expectations, and strengthen forward guidance on interest rates. The 56-day tenor highlights the Bank’s continued preference for short-dated instruments to preserve flexibility in monetary operations.
The 24.9 percent clearing yield is slightly below the current policy rate of 25 percent, underscoring the Bank’s strategy of maintaining a tight but calibrated liquidity stance.
