The Bank of Ghana (BoG) has successfully raised GH¢2.23 billion through the issuance of 56-day bills in its most recent open market operation (OMO). This initiative is part of the central bank's ongoing efforts to absorb excess liquidity within the banking system and to reinforce its current monetary policy stance. The auction, which took place on Monday, May 26, 2025, cleared at an interest rate of 28%. This rate aligns with recent monetary policy rate levels, reflecting the BoG's strategy to anchor inflation expectations and provide support to the cedi amidst the country's ongoing macroeconomic adjustments.

The central bank did not publicly disclose the total amount of bids received from participating financial institutions, nor did it specify a target size for this particular operation. The BoG bill, a short-term debt instrument issued under the central bank’s liquidity management framework, serves as a crucial monetary policy tool. It is primarily deployed to sterilise liquidity in the banking sector and to guide short-term interest rates. While these bills are not classified as traditional government debt, the proceeds generated from such issuances are often utilized to offer short-term financing to the Treasury.

Market participants who observed the May 26 OMO generally viewed the outcome as consistent with the Bank of Ghana’s prevailing tightening bias. The 28% yield on the 56-day bills was seen as broadly in line with the central bank's established policy rate. The BoG, which maintained its policy rate at 28% during its most recent Monetary Policy Committee (MPC) meeting, has consistently reiterated its primary focus on stabilising prices while simultaneously supporting economic recovery efforts under an International Monetary Fund (IMF)-supported programme.