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
-
Netflix debuts Grain Media’s explosive film
19 mins -
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
53 mins -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
1 hour -
IPR Ghana@50: Pupils educated to keep the environment clean
1 hour -
PenTrust CEO named ‘Best Pensions CEO’, company wins ‘Scheme Administrator Award’ at Ghana Accountancy & Finance Awards 2024
2 hours -
Alan Kyerematen’s ‘Brighter Future for Health Professionals’ in Ghana Revealed in Bono
2 hours -
#TheManifestoDebate: NPP will ensure a safer, cleaner and greener environment – Dr Kokofu
2 hours -
2024 Election: Police to deal with individuals who will cause trouble – IGP
2 hours -
Seychelles President’s visit rekindles historical and diplomatic ties with Ghana
2 hours -
Election 2024: EC destroys defective ballot papers for Ahafo and Volta regions
2 hours -
2024 Election: I am sad EC disqualified me, but I endorse CPP’s candidate – PNP’s Nabla
3 hours -
I want to build a modern, inclusive country anchored by systems and data – Bawumia to CSOs
3 hours -
Miss Health Ghana 2024: Kujori Esther Cachana crowned new Health Ambassador
3 hours -
Playback: The manifesto debate on WASH and climate change
3 hours -
Alan Kyerematen saddened by NDC and NPP’s neglect of Krofrom Market in the Ashanti Region
3 hours