The Bank of Ghana has sold GH¢13.71 billion in 14-day bills at a weighted average interest rate of 10.50%, placing another substantial volume of short-term securities in the domestic money market.
Results of Tender 879, held on September 14, 2026, show that the central bank sold GH¢13,711.37 million of the two-week instrument.
The weighted average discount rate settled at 10.4578%, while the corresponding annualised interest rate was 10.5000%.
For an instrument that matures after only two weeks, the amount involved is striking. It gives a glimpse of the volume of funds financial institutions are placing through the central bank’s short-term securities framework.
Bids cluster around one rate
Pricing at the auction was unusually tight.
Discount-rate bids ranged from 10.4577% to 10.4578%, a difference of only 0.0001 percentage points. Corresponding interest-rate bids fell between 10.4999% and 10.5000%.
The Bank allotted bids within the stated range in full, leaving virtually no variation between the lowest and highest accepted prices.
That narrow spread suggests participating institutions had a firmly established view of the rate available for short-term funds. There was little room for price discovery once bidding moved towards 10.50%.
The tender notice records the “total amount sold” but does not disclose how much investors submitted, how much was rejected or whether the Bank had set an auction target.
It is therefore impossible to determine from the published result whether Tender 879 was oversubscribed. The available information confirms only that GH¢13.71 billion was successfully placed at rates clustered tightly around 10.50%.
Not fresh government borrowing
The transaction should not be confused with the Treasury bills sold to finance government obligations.
Bank of Ghana bills are issued by the central bank as part of its money-market operations. Government Treasury bills, including the 91-day, 182-day and 364-day securities, belong to the state’s domestic borrowing programme.
The GH¢13.71 billion sale does not, therefore, represent fresh government borrowing.
Short-dated central-bank bills may be used to manage liquidity within the banking system. They also offer banks and other eligible institutions a place to hold temporary funds while earning a return.
Because the bill matures in 14 days, the money is locked away for only a brief period. That can appeal to institutions managing customer withdrawals, settlement obligations, lending needs and daily cash positions.
Gross sale is not the full picture
The headline amount should still be read carefully.
A GH¢13.71 billion sale does not necessarily mean the same amount has been permanently withdrawn from the financial system. Bills from previous tenders may be maturing at the same time, returning funds to investors.
The net liquidity effect can only be established after accounting for those maturities and other central-bank operations.
Tender 879 nevertheless stands out for both its size and compressed pricing. The next auctions will show whether large two-week placements remain a regular feature of the money market or whether volumes begin to ease.
For now, the result is clear: the Bank of Ghana placed GH¢13.71 billion in 14-day securities at an annualised weighted average interest rate of precisely 10.50%. The official tender notice is listed by the Bank of Ghana.
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