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Home Economy

BoG to support government with Ghs 2.8bn

4 years ago
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The Central Bank has raised some Ghs 2.87 billion from the issuance of its own bills.

The Central Bank on Wednesday, November 24, 2021, auctioned its own bills – BoG bills – which has a maturity period of 14 days.

Funds raised from the short-term debt instrument is expected to be directly loaned to the government to support its short term financing needs.

The 14-days dated bills, per the auction results from the BoG was auctioned at a discount rate of 14.4 percent.

It is unclear the value of bids made by pension funds, insurance firms, commercial banks and other institutional investors for the 14-day maturity dated bills as total bids made for the bill was not indicated by the Central Bank.

Read Also: Cedi projected to depreciate by 13.3%; end 2022 at Ghs 8 to the dollar

Also, as to whether the Central Bank was able to meet its target with the issuance of the bill or not is unknown as that was also not indicated by the BoG in its auction results report.

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Central Bank bills – in this case BoG bills – mostly employed through Open Market Operations (OMO), serves as a monetary policy tool used by Central Banks to regulate money supply.

The main function of Central Bank bills is to manage the liquidity of the banking system through selling short-term securities on the primary market.

In most cases, funds raised from the auction of the BoG bills are directly loaned to government to support its short term needs.

The interest rate on the Central Bank bills is the key interest rate that determines the monetary policy stance or rate.

Source: norvanreports
Tags: Bank of Ghana (BoG)ghanaOpen Market Operations (OMO)
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