The Bank of Ghana (BoG) has mopped up GH¢11.68 billion from the banking system through its latest issuance of 14-day bills, underscoring its continued use of short-term securities to manage liquidity and maintain stability in the money market.
The funds were raised under Tender 870, conducted on July 15, 2026, through the issuance of 14-day Bank of Ghana bills (ISIN: GHCBAGH01223).
According to the auction results, investors submitted bids with interest rates ranging from 10.40% to 10.46% per annum. All accepted bids fell within the same range, with the weighted average discount rate settling at 10.46% and the weighted average interest rate at 10.50%.
The latest auction reflects the central bank’s ongoing efforts to absorb excess liquidity from the financial system while keeping short-term interest rates broadly stable. By withdrawing GH¢11.68 billion from circulation for two weeks, the BoG aims to align money market conditions with its broader monetary policy objectives.
The size of the auction also indicates that liquidity in the banking sector remains strong, with financial institutions continuing to channel surplus funds into the central bank’s short-term instruments.
BoG bills are a key monetary policy tool used in open market operations. They enable the central bank to regulate liquidity, influence short-term market rates and strengthen the transmission of monetary policy. During periods of elevated liquidity, these securities help reduce excess cash in the financial system, easing potential pressure on inflation, exchange rates and money market conditions.
Although the weighted average interest rate of 10.50% remains below the Bank of Ghana’s policy rate, this is consistent with the short-term nature of the 14-day instrument, which is designed primarily for liquidity management rather than long-term investment.
The auction comes as investors, businesses and financial markets continue to monitor Ghana’s inflation outlook and the central bank’s next monetary policy decisions. With inflation showing signs of edging upward in recent months, the BoG’s liquidity operations are expected to remain a key instrument in maintaining price stability and guiding market expectations.
The auction results were signed by Aimee Vyda Quashie, Secretary of the Bank of Ghana, and issued as Notice to Banks and the Public No. 870.
