The government borrowed GH¢23.6 billion across the 91-day to 364-day treasury bills in September 2024.
This represented a 24.7% increase over that of August 2024.
Although the Treasury accepted all bids tendered, the total uptake fell short of the target by 19.6% (or GH¢5.8 billion).
This was due to the rise in treasury offers by GH¢8.2 billion (+38.7% month-on-month) which outpaced the GH¢4.7 billion increase in total bids.
Meanwhile, yields increased as the market priced in mounting refinancing risk while the Treasury seemingly suspended its early-year yield compression strategy.
The 91-day yield surged by 85 basis points (bps) month-on-month to 25.64%. The 182-day yield also went up by 24bps to 26.92% while the 364-day yield climbed 86bps to 28.68%.
Analysts alluded that the 200bps cut in the policy rate to 27.0% has boosted the pricing appeal of T-bills relative to Bank of Ghana bills and could potentially improve demand for the former. However, they are less optimistic about an immediate decline in yield for T-bills as the upside risk from Treasury’s borrowing pressure remains high.
Latest Stories
-
UTAG declares indefinite strike, demands nationwide ban on mining in forest reserves
3 hours -
AFCON 2025Q: ‘There is no assurance for anything in life’ – Otto Addo on beating Sudan
4 hours -
AFCON 2025Q: Otto Addo backs Kurt Okraku’s fiery speech at team dinner
4 hours -
Wimbledon brings in electronic line calling for 2025
4 hours -
T-bills auction: Government borrowed GH¢23.6bn in September 2024
4 hours -
‘Best I’ve played in a while’ – Djokovic moves on in Shanghai
4 hours -
Why there is silence on Ten Hag’s Man Utd future
4 hours -
Ratan Tata, who put India’s Tata Group on the global map, dies at 86
5 hours -
Inflation to increase marginally to 21.6% in October 2024
5 hours -
Watch: JoyNews confirms illegal miners operated near Anyinam police station
5 hours -
Ghana’s FMCG sector showing signs of recovery – Maverick Research
5 hours -
2025 AFCON Qualifiers: Sudan not under pressure to beat Ghana – John Manu
5 hours -
We have never apologized to Mahama – Kumasi traders
5 hours -
“Wear red” on Thursday to show your revulsion for galamsey – Ken Ashigbey
5 hours -
Pesticides contributing to early deterioration of perishable food items – Scientists
6 hours