Government will borrow ¢94.4 billion via treasury bills in 2024 to finance its expenditure.
This includes ¢31.8 billion buffer for auction shortfalls.
Analysts believe the government will continue the excess uptakes to build the target buffer.
Given the lower inflation and interest rates outlook, the locking-in of the 364-day yield offers a better inflation-adjusted return over the holding period.
In November 2023, the government accepted ¢15.3 billion, surpassing the rollover obligation by 45.4% and the offer target by 26.5%.
However, investors submitted total bids worth ¢15.6 billion (+14.9% month-on-month), exceeding the T-bill offer target by 29.0%.
Importantly, money market liquidity strengthened in November 2023, raising investors' and banks’ demand for weekly Bank of Ghana bills and T bills amidst emerging downward pressure on yields.
In December 2023, the government will face an upcoming refinancing obligation of ¢12.8bn (+21.7% month-on-month).
Latest Stories
-
Dr Nduom hopeful defunct GN bank will be restored under new administration
38 seconds -
Bridget Bonnie celebrates NDC Victory, champions hope for women and youth
8 minutes -
Shamima Muslim urges youth to lead Ghana’s renewal at 18Plus4NDC anniversary
1 hour -
Akufo-Addo condemns post-election violence, blames NDC
1 hour -
DAMC, Free Food Company, to distribute 10,000 packs of food to street kids
3 hours -
Kwame Boafo Akuffo: Court ruling on re-collation flawed
3 hours -
Samuel Yaw Adusei: The strategist behind NDC’s electoral security in Ashanti region
3 hours -
I’m confident posterity will judge my performance well – Akufo-Addo
3 hours -
Syria’s minorities seek security as country charts new future
4 hours -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
4 hours -
German police probe market attack security and warnings
4 hours -
Grief and anger in Magdeburg after Christmas market attack
4 hours -
Baltasar Coin becomes first Ghanaian meme coin to hit DEX Screener at $100K market cap
5 hours -
EC blames re-collation of disputed results on widespread lawlessness by party supporters
5 hours -
Top 20 Ghanaian songs released in 2024
5 hours