The Bank of Ghana pulled GH¢21.41 billion out of the financial system this week, using short‑term bills to manage liquidity as it prepares to announce its next monetary policy decision.
On Monday, the central bank accepted a full GH¢13.71 billion in a 14‑day bill tender at an interest rate of 10.5%. A second tender on Wednesday added GH¢7.7 billion at the same rate, bringing the total liquidity taken up to GH¢21.41 billion.
These instruments have a 14‑day maturity, meaning the funds are temporarily sterilised. The move allows the Bank of Ghana to influence short‑term money‑market conditions while keeping the option to return the cash to the system when the bills mature.
The absorption could affect bank liquidity, funding costs and money‑market rates in the run‑up to the 132nd Monetary Policy Committee meeting, scheduled for September 22‑24, with the policy decision expected on Thursday, September 24.
Earlier reports noted that sterilisation remains a key tool for maintaining the appropriate monetary stance and supporting the inflation outlook. The focus now is on how this sizable liquidity pull will shape market dynamics before the MPC convenes.
