Government borrowed GH¢22.06bn via T-bills in January 2024

Ken Ofori-Atta, Ghana's finance minister, pauses during a Bloomberg Television interview in London, U.K., on Wednesday, March 20, 2019. Ghana, which this week raised $3 billion through debt sales and was contemplating 100-year bonds, will work with the market to determine the tenure of its next issuance, Ofori-Atta said. Photographer: Simon Dawson/Bloomberg via Getty Images

The government borrowed GH¢22.06 billion via treasury bills in January 2024.

This is about 35.80% more than the targeted amount of GH¢15.13 billion.

The majority of the bids came from the 91-day T-bill.

Analysts expect the uptake trend to continue in February 2024 as the treasury heads for an estimated cash coupon payment of about GH¢4.3bn on the new bonds.

However, yields are expected to decline as the market aligns with the disinflation trend combined with the 100 basis points cut in the monetary policy rate during the January 2024 Monetary Policy Committee decision.

Last week, investors oversubscribed the treasury’s offer in money market auction, as total bids reached GH¢4.53 billion against a target of GH¢2.86 billion.

The government accepted all bids.

Yields declined further as the 91-day and 182-day contracted to 28.30% (- 29 basis points) and 30.79% (-30 basis points) respectively. The 364-day yield closed lower at 31.40% (-40 basis points).

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