Government raised a total of ¢70.95 billion in the money market auctions for 2022.
This is out of total bids worth ¢72.83bn.
However, the amount government expect to raise in 2023 may exceed that of 2022. This is because the treasury market is presently the only source of borrowing for government.
Yields on the money market securities surged significantly in 2022 as investors priced the higher inflation into yields to improve real returns.
Consequently, the yield on the benchmark 91-day increased from 12.51% (December 2021) to settle at 35.36% (December 2022).
The yields have since retreated as the 91-day Treasury bill is presently going for 19.04% (March 10, 2023).
The 182-day bill has also plunged by about 13%, going to 22.84%, whilst that of the 364-day bill dropped by about 9% to 26.82%.
It is expected that the yield will go down in the coming weeks, reducing government’s debt service burden.
In 2022, the government’s total spending was ¢109.42 billion (18.5% of Gross Domestic Product), exceeding the target by 5.2%. The primary driver for the fiscal slippage was interest payments.
Latest Stories
-
I was suspended in SHS after making a dance video with my uniform – Lisa Quama
28 mins -
GTA gears up for National Tourism Awards 2024
31 mins -
Prof. Gyampo criticises vacating of MP seats due to cross-carpeting
3 hours -
A critical examination of Speaker Alban Bagbin’s ruling on potential breaches of Article 97(1)(G) and (H)
4 hours -
Trump calls 6 January ‘day of love’ when asked about Capitol riot
4 hours -
UTAG calls for immediate prosecution of persons arrested for engaging in galamsey
5 hours -
Prof Ransford Gyampo: And Speaker Bagbin declared 4 seats vacant…
5 hours -
Secret Service has ‘deep flaws’ and must overhaul leadership, report says
5 hours -
Kenya’s deputy president sacked while in hospital
5 hours -
One Direction ‘devastated’ at Liam Payne’s death
6 hours -
Ghana’s debt to ease to 70% of GDP in 2024; another debt default unlikely – Fitch
6 hours -
Meta fires staff for buying toothpaste, not lunch
6 hours -
U-20 AFCON 2025Q: Afriyie’s brace earns Ghana draw against Benin
6 hours -
US ‘click to cancel’ rule to ban subscription traps
6 hours -
Speaker is completely out of order; he is wrong on this ruling – K.T Hammond
6 hours