The Bank of Ghana sold 9.44bn GHS (€721mn) of 14-day central bank bills at a weighted average interest rate of 10.50% on November 2, almost exactly the amount and rate of its October 28 tender, the central bank's auction results show. The government, by contrast, raised 1.92bn GHS (€146mn) at its October 30 Treasury bill auction, where the 91-day bill paid 4.60%.
Analysis: Each central bank tender absorbed approximately five times the funds raised in the government's latest bill auction, by our calculation. The annualized yield was nearly six percentage points above that on 91-day Treasury bills, making the central bank's short-term paper more attractive on yield alone. That could divert some bank liquidity from government debt, although auction results do not show how individual banks allocate their funds. The Treasury plans to seek 3.54bn GHS (€270mn) on November 6. Demand at that auction will offer an early indication of whether the yield gap is affecting government borrowing.
Source: Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 886, results of Tender 886 held on 2 November 2026, Tender of 2 Nov 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 885, results of Tender 885 held on 28 October 2026, Tender of 28 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, results of Tender 2031 held on 30 October 2026, Auction 30 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, results of Tender 2031, Auction 30 Oct 2026; Bank of Ghana, Bank of Ghana Notice BG/FMD/2026/53, Auction 30 Oct 2026 and Auction expected 6 Nov 2026; Bank of Ghana, Bank of Ghana, MPC Press Release September 2026, September 2026