The Bank of Ghana’s headquarters
The Bank of Ghana, in its latest short-term auction bill, sold GH¢3.13 billion on October 27, 2025, covering a 56-day maturing period.
According to auction results by the Central Bank, the discount rate for the 56-day bills ranged between 20% and 20.81%, with an average discount rate of 20.78%, equivalent to an interest rate of 21.47% per annum.
The auction was part of the Central Bank’s ongoing liquidity management operations aimed at mopping up excess liquidity from the financial system and anchoring short-term interest rates.
Market analysts note that the sustained demand for short-dated securities signals improved liquidity conditions in the banking sector and investor preference for short-duration instruments as inflation continues to moderate.
BoG raises GH¢7 billion through its 56-day bills
The outcome indicates a relatively stable short-term yield environment, reflecting continued investor appetite for high-yield short-term instruments, amid expectations of a gradual decline in interest rates ahead of the bank’s November Monetary Policy Committee (MPC) meeting.
The BoG is expected to maintain a measured approach to yield management as inflation remains within the medium-term target band for the first time since 2021, with analysts projecting a potential policy rate cut of between 250 and 300 basis points in November.
SP/AE
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