BoG Mops-up GHS 3.15 Billion via 56-Day Bills at 27.9% to Reinforce Tight Monetary Stance
The Bank of Ghana (BoG) has successfully raised GHS 3.15 billion through the issuance of 56-day central bank bills, reinforcing its liquidity-tightening strategy amid ongoing efforts to curb inflation.
The bills, auctioned on June 16, 2025, cleared at an interest rate of 27.9%, in line with the current monetary policy rate. While the BoG did not disclose the bid volumes received or the auction target, the yield signals the central bank’s continued resolve to anchor inflation expectations and manage excess liquidity in the financial system.
The issuance forms part of the BoG’s Open Market Operations (OMO), a critical monetary policy tool deployed to regulate money supply, steer short-term interest rates, and signal policy direction.
The elevated yield—mirroring the policy rate—underscores the central bank’s hawkish stance, even as it navigates the delicate path between disinflation and economic recovery under Ghana’s US$3 billion IMF Extended Credit Facility programme.
While the absence of bid coverage data limits insight into investor appetite, the relatively large size of the issuance suggests solid institutional demand, reflecting confidence in BoG’s inflation-fighting tools. Proceeds from the short-term instruments are also expected to provide interim budgetary support to government operations.
