Bank of Ghana raises GHS 6.21 Billion in Short-Term Bill Issuance at 27.9% Yield
The Bank of Ghana (BoG) has successfully raised GHS 6.21 billion from the issuance of 56-day bills, as part of efforts to manage liquidity in the banking sector.
The auction, conducted on Monday, June 2, 2025, saw the Central Bank selling the short-term securities at an interest rate of 27.9%, marginally below the current Monetary Policy Rate (MPR) of 28%.
While the auction result confirmed the total amount raised and the yield, it did not disclose the value of total bids submitted by primary dealers nor the Central Bank’s target amount for the offer.
The issuance forms part of the BoG’s Open Market Operations (OMO), a core liquidity management strategy aimed at stabilising short-term interest rates and anchoring inflation expectations.
By selling short-term securities such as BoG bills, the Central Bank seeks to absorb excess liquidity from the financial system, thereby tightening monetary conditions in line with its inflation-targeting regime.
The 56-day bills have increasingly become a preferred tool in the BoG’s liquidity operations, given their flexibility and ability to respond swiftly to evolving market conditions.
The marginally lower yield relative to the policy rate suggests a strategic calibration aimed at maintaining monetary policy traction without exerting undue pressure on the banking system.
Inflationary pressures remain a key concern for the Central Bank as it continues to navigate the fine line between curbing price growth and supporting credit recovery and growth within the financial sector.
