The Bank of Ghana has stepped up its efforts to tighten liquidity in the financial system, withdrawing approximately GHS 17 billion through its latest 14-day bill auction.
The move forms part of the central bank’s ongoing open market operations (OMO), aimed at managing excess liquidity while reinforcing Ghana’s disinflation trend.
This latest mop-up comes at a time when price pressures continue to ease, with headline inflation dropping further to 3.2 percent at the end of March 2026 a signal that recent policy measures are beginning to yield results.
Results from the auction showed strong investor appetite for the short-term instrument. Bids were submitted within a tight range of 10.40 percent to 10.45 percent per annum, with all successful bids accepted within that band pointing to a relatively stable interest rate environment.
The auction ultimately cleared at a weighted average discount rate of 10.45 percent, translating into an effective annual yield of 10.49 percent.
Beyond the numbers, the scale of the operation underscores the Bank of Ghana’s continued reliance on short-term instruments to absorb excess liquidity from the banking sector. By doing so, the central bank aims to keep inflation expectations in check while safeguarding broader macroeconomic stability
