The Bank of Ghana as withdrawn approximately GH¢13.9 billion from the banking system through a 14-day bill auction as part of ongoing measures to tighten liquidity and sustain the country’s disinflation trend.
The move forms part of the central bank’s open market operations (OMO), a monetary policy tool used to regulate money supply and stabilise prices in the economy.
According to figures published in the Bank’s September 2025 Monthly Statistical Bulletin, broad money supply (M2+) stood at GH¢353 billion. The M2+ measure includes currency in circulation notes and coins as well as highly liquid assets such as demand deposits and selected money market instruments.
The latest liquidity absorption comes at a time when inflation continues to ease. Data show that inflation slowed to 3.6 percent at the end of January 2026, reinforcing the central bank’s efforts to maintain price stability.
Results from the 14-day bill auction indicate strong investor demand for short-term securities issued by the central bank. Bids were submitted within a yield range of 11 percent to 11.94 percent per annum, with successful allotments made within the same range.
The auction cleared at a weighted average discount rate of 11.90 percent, translating into an effective annual interest rate of 11.96 percent.
The scale of the operation underscores the Bank of Ghana’s commitment to managing excess liquidity in the financial system while supporting its broader objective of anchoring inflation expectations and maintaining macroeconomic stability.
