The Bank of Ghana sold 12.57bn GHS (€970mn) of 14-day central bank bills on November 9, 33% more than at its tender a week earlier, at a weighted average interest rate of 10.50%, according to the central bank’s auction results. Its Wednesday tender on November 4 had sold 5.58bn GHS (€430mn).
Analysis: The central bank is absorbing far more cash than the government borrows. In the week to November 6 it sold 15.0bn GHS (€1.16bn) of 14-day bills, 3.7 times the 4.11bn GHS (€317mn) the Treasury raised that week, by our calculation. Bills from its last four tenders, about 37.0bn GHS (€2.86bn), are still outstanding. Monday sales have swung between 9.4bn and 13.5bn GHS since October 19, so one week does not make a trend. At 10.50%, the bills pay almost six points more than 91-day Treasury bills, which could keep bank cash away from government auctions. The Treasury seeks 5.57bn GHS (€430mn) on November 13. The Monetary Policy Committee meets November 16–18.
Source: Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 887, results of Tender 887 held on 9 November 2026, Tender of 9 November 2026 and Tender of 9 Nov 2026; 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. 886, results of Tender 886 held on 4 November 2026, Tender of 4 November 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 to Banks and Public No. 885, results of Tender 885 held on 26 October 2026, Tender of 26 October 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 884, results of Tender 884 held on 19 October 2026, Tender of 19 October 2026; Bank of Ghana, Bank of Ghana Notice to Banks and Public No. 884, results of Tender 884 held on 21 October 2026, Tender of 21 October 2026; Bank of Ghana, Bank of Ghana Notice No. BG/FMD/2026/54, results of Tender 2032 (November 6, 2026), Auction 6 Nov 2026 and Auction 13 Nov 2026; Bank of Ghana, Bank of Ghana, MPC Press Release September 2026, September 2026; Bank of Ghana, Bank of Ghana, Notice of 133rd MPC Meetings (November 5, 2026), November 16–18, 2026; Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 9 November 2026