The Bank of Ghana (BoG) has intensified efforts to manage liquidity in the financial system, mopping up GHS 24.8 billion through the sale of its 14-day bills.
According to the central bank’s Notice to Banks and the Public No. 865, the liquidity absorption exercise conducted on June 10, 2026, resulted in the sale of GHS 24.80 billion worth of Bank of Ghana bills.
The 14-day bill, identified by ISIN GHCBAGH01116, attracted bid rates ranging from 10.40 percent to 10.46 percent per annum. All successful bids were allotted within the same range, while the corresponding interest rates ranged between 10.44 percent and 10.50 percent.
The weighted average discount rate for the auction stood at 10.46 percent, with the weighted average interest rate settling at 10.50 percent.
The operation forms part of the Bank of Ghana’s regular open market activities aimed at withdrawing excess liquidity from the banking sector. By reducing the amount of cash circulating within the financial system, the central bank seeks to strengthen monetary policy transmission, contain inflationary pressures and support overall macroeconomic stability.
Bank of Ghana bills are primarily used as liquidity management instruments rather than tools for government borrowing. Through these short-term securities, the central bank is able to absorb surplus funds and influence short-term money market conditions.
The latest auction comes as the BoG continues efforts to safeguard recent economic gains, anchor inflation expectations and maintain stability in the foreign exchange market.
Market analysts note that controlling excess liquidity remains important, particularly at a time when foreign exchange demand, import-related pressures and corporate demand for dollars continue to shape market sentiment.
The size of the latest operation highlights the central bank’s active approach to liquidity management. By absorbing GHS 24.8 billion from the market, the BoG is seeking to ensure that short-term liquidity conditions remain consistent with its broader policy objectives.
The outcome also suggests that short-term money market rates remain relatively stable despite the significant volume of liquidity being withdrawn. For banks and other market participants, the 14-day bill continues to provide a short-term investment option while helping the central bank maintain control over liquidity levels.
The auction reinforces the growing importance of Bank of Ghana bills as a key instrument in the country’s monetary policy framework, as authorities work to balance financial stability with the need to support economic growth and private sector activity.
