The Bank of Ghana has sold GH¢5.575 billion in 14-day bills at a weighted average interest rate of 10.50% per annum following its latest tender held on November 4, 2026.
Results of Tender 886 show that the bills were allotted at discount rates ranging from 10.4577% to 10.4578%, while the corresponding interest rates ranged between 10.4999% and 10.5000%.
The weighted average discount rate was 10.4578%, with the interest rate settling at 10.5000%. The published rates apply from November 4 to November 6, 2026.
The GH¢5.575 billion represents the total value of bills sold under the tender. However, the Bank of Ghana’s notice does not disclose the total bids received, the amount offered or the number of successful bidders, making it difficult to determine the level of investor demand.
Without these figures, it is unclear whether subscriptions exceeded the amount available, matched the target or fell short. The published results therefore provide a picture of the amount raised and the rates at which the bills were allotted, but not the full demand position.
The notice also provides no previous tender rates for comparison, meaning it is not possible to establish whether the 10.50% interest rate represents an increase or a decline in the cost of the short-term instrument.
The 14-day bills offer investors a relatively short investment period, allowing them to recover their principal after two weeks. However, investors seeking to reinvest their funds will have to consider the rates available at subsequent tenders.
Although the interest and discount rates are quoted annually, the 10.50% rate does not represent the actual return investors earn over the 14-day period. The realised return is calculated based on the bill’s short maturity and applicable pricing terms.
Another notable feature of the latest tender is the narrow range of rates at which the bills were allotted. Both the discount and interest rates recorded a variation of just 0.0001 percentage points, indicating that successful allotments were made within a very tight pricing range.
The Bank of Ghana’s notice does not, however, provide details of individual bids or explain the factors behind the allotment pattern.
The latest results offer a benchmark for investors and other market participants monitoring returns on short-term government securities and money market instruments. Subsequent tenders will provide a clearer indication of whether the current rate remains stable or changes in response to market conditions.
For now, the November 4 tender confirms that the central bank raised GH¢5.575 billion through its 14-day bills at a weighted average interest rate of 10.50% per annum.
