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BoG’s Latest Open Market Operation Yields GHS 4.61 Billion at 27.9% Interest Rate

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BoG’s Latest Open Market Operation Yields GHS 4.61 Billion at 27.9% Interest Rate

The Bank of Ghana (BoG) has successfully raised GHS4.61 billion through the issuance of 56-day bills in its latest Open Market Operation (OMO), reinforcing its commitment to mop up excess liquidity and stabilise short-term interest rates amid elevated inflationary pressures.

The auction, held on Wednesday, May 14, saw the short-term instruments priced at a yield of 27.9%, marginally below the central bank’s current benchmark policy rate of 28%. While the BoG did not disclose the total bids received or its intended auction size, market watchers have described the outcome as broadly positive, pointing to sustained investor appetite for high-yield cedi-denominated assets in a tightening monetary landscape.

The short-dated bills are part of the BoG’s broader toolkit for guiding interbank lending rates and anchoring inflation expectations. The move also underscores the central bank’s continued vigilance in managing systemic liquidity without derailing its inflation-targeting stance.

The GHS4.61 billion raised through this issuance is expected to contribute towards short-term government financing needs, reinforcing the ongoing coordination between fiscal and monetary authorities in managing Ghana’s post-crisis recovery.

Analysts say continued success in BoG’s short-term bill auctions is key in maintaining monetary stability, especially as inflation and currency pressures continue to ease.

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