The Bank of Ghana’s headquarters
The Bank of Ghana (BoG) raised GH¢2.53 billion in its latest short-term debt issuance, following the results of its 56-day bill auction held on Monday, July 21, 2025.
The auction, identified as Tender 819, saw investor bids ranging between discount rates of 11.7820% and 24.0741% per annum.
However, the Bank allotted bids more selectively accepting only those within a significantly narrower range of 11.78% to 12.74%.
The weighted average discount rate for the accepted bids was 12.27%, translating to an equivalent interest rate of 12.51% per annum.
The issuance attracted strong demand despite the conservative bid allocation approach, reflecting what market analysts suggest is BoG’s ongoing monetary policy posture aimed at stabilising short-term yields while cautiously managing liquidity.
The total amount raised from the auction; GH¢2.53 billion signals, continued reliance on open market operations as a tool to mop up excess liquidity and guide inflation expectations.
This issuance comes amid heightened investor interest in short-term sovereign instruments as uncertainty around medium to long-term fiscal consolidation persists.
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