BoG Steps up Cash Mop-up With GHS 17bn Bill Sale
The Bank of Ghana has withdrawn approximately GHS 17 billion from the banking system through its latest 14-day bill auction, as part of ongoing open market operations (OMO) aimed at tightening liquidity conditions and reinforcing the disinflation path.
The liquidity sterilisation exercise follows a sustained moderation in price pressures, with headline inflation easing further to 3.2 percent at the end of March 2026.
Auction results indicate continued strong demand for the central bank’s short-term instruments, with bids submitted within a narrow range of 10.40 percent to 10.45 percent per annum. All accepted bids were allotted within this band, reflecting a relatively stable rate environment.
The auction cleared at a weighted average discount rate of 10.45 percent, translating into an effective annual yield of 10.49 percent.
The magnitude of the mop-up highlights the central bank’s sustained use of short-term liquidity management tools to absorb excess funds within the banking sector, while helping to anchor inflation expectations and maintain macroeconomic stability.
