- Central Bank Mops Up GH¢11.68 billion Through 14-Day BoG Bills
The Bank of Ghana sold GH¢11.68 billion in 14-day bills at its latest securities tender, signalling continued use of short-term instruments to manage liquidity conditions in the banking system.
Results of Tender 870, held on July 15, 2026 through 14-day Bank of Ghana bills with ISIN GHCBAGH01223.
The range of bid rates submitted by investors stood between 10.40% and 10.46% per annum, while bid rates allotted in full were also within the same range. The weighted average discount rate settled at 10.46%, while the weighted average interest rate stood at 10.50%.
The auction outcome suggests that short-term money market rates remain broadly stable, with the 14-day BoG bill continuing to serve as a key instrument for absorbing excess liquidity from the financial system.
The sale also points to sustained banking-sector liquidity, given the size of funds placed into the central bank’s short-term paper. At GH¢11.68 billion, the tender represents a sizeable liquidity withdrawal over a two-week horizon, reinforcing the Bank of Ghana’s ongoing effort to keep money-market conditions aligned with its monetary policy stance.
BoG bills are typically used by the central bank as an open market operation tool to manage liquidity, influence short-term interest rates and support monetary policy transmission. In periods of elevated liquidity, such instruments help reduce excess cash in the system, limiting potential pressure on inflation, exchange rates and money-market pricing.
The weighted average interest rate of 10.50% also shows that pricing remains below the Bank of Ghana’s policy rate, reflecting the very short tenor of the instrument and the liquidity-management nature of the auction.
The tender comes at a time when Ghana’s inflation outlook and monetary policy direction remain closely watched by investors, banks and businesses. With inflation having turned upward recently, the central bank’s liquidity operations will remain important in shaping market expectations ahead of future policy decisions.
The latest sale reinforces the central bank’s preference for active liquidity sterilisation while maintaining relatively predictable short-term rates. For banks, the 14-day bill provides a secure placement option for excess funds. For the Bank of Ghana, it remains a practical tool for managing liquidity without making immediate changes to the policy rate.
The auction was signed by Aimee Vyda Quashie, Secretary of the Bank of Ghana, and issued as Notice to Banks and Public No. 870.
The key signal from the tender is clear: liquidity in the system remains substantial, and the Bank of Ghana is still actively absorbing it through short-dated securities.
