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Central Bank Auctions GHS 919 Million in Bills

8 months ago
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Central Bank Auctions GHS 919 Million in Bills

The Bank of Ghana (BoG) successfully auctioned Central Bank bills worth over GHS 919 million on Wednesday, November 27, 2024.

The short-term debt instrument, maturing in 56 days, was issued at an interest rate of 27%, aligning with the BoG’s current policy rate.

The proceeds from the auction are expected to be loaned to the Central Government, providing support for its short-term financing requirements.

Additionally, these bills serve a critical function in managing liquidity within the banking system, ensuring monetary stability.

The auction was conducted under the framework of Open Market Operations (OMO), a monetary policy tool employed by central banks to control money supply.

By selling short-term securities, the BoG seeks to absorb excess liquidity from the banking system, thereby influencing economic conditions in line with its policy objectives.

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The auction reflects the BoG’s continued efforts to balance liquidity management and fiscal support amid Ghana’s challenging economic environment.

Tags: Central BankCentral Bank Auctions GHS 919 Million in BillsOpen Market Operations (OMO)

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