The Bank of Ghana has withdrawn about GH¢22.7 billion from the banking sector through a 14-day bill auction, as part of measures to control excess liquidity and maintain the country’s current disinflation trend.
The move forms part of the central bank’s ongoing open market operations (OMO)a monetary policy tool used to regulate the amount of money circulating within the financial system.
According to data published in the Bank of Ghana’s September 2025 Monthly Statistical Bulletin, Ghana’s broad money supply, known as M2+, stood at roughly GH¢353 billion. The M2+ measure includes physical currency in circulation such as notes and coins, along with highly liquid financial assets including demand deposits and certain money market instruments.
The latest liquidity mop-up exercise comes at a time when inflation continues to decline. Ghana’s inflation rate slowed further to 3.3 percent at the end of February 2026, reinforcing the central bank’s efforts to keep price growth under control.
Results from the auction also highlighted strong demand from investors for the central bank’s short-term securities. Bids submitted by market participants ranged between 11.89 percent and 11.94 percent per annum, with successful allocations made within the same range.
The auction eventually cleared at a weighted average discount rate of 11.94 percent, which translates to an effective interest rate of 11.99 percent per annum.
The strong participation in the 14-day instrument signals continued confidence among financial institutions in short-term securities issued by the central bank, while also supporting the Bank of Ghana’s broader strategy to stabilise liquidity and sustain the downward trend in inflation.
