T-bills auction: This week, the government will borrow $3.43 billion

Tuesday 25th of June 2024

T-bills auction: This week, the government will borrow $3.43 billion

The Government of Ghana is expected to borrow a whopping ¢3.43 billion on the treasury market this week.

This will be used to finance ¢3.26 billion worth of maturing bills as well as take care of other short-term liabilities.

The funds will be raised through the issuance of the 91-day, 182-day and 384-day treasury bills.

The government has in recent times been borrowing heavily on the treasury market because it is the only source of financing. However, some have expressed worry about the rising domestic debt in 2023 and the high yield.

The Executive Board of the International Monetary Fund last week approved Ghana’s $3 billion Extended Credit Facility, paving the way for the arrival of the first tranche of $600 million on May 19, 2023.

 

Many analysts and market watchers expect the IMF-support programme to enhance Ghana’s economic outlook.

This is expected to boost market activities on the treasury market. However, yields are expected to go down because of improve liquidity.

Government failed to achieve T-bills target marginally

Last week, the government failed to achieve its T-bills target marginally, despite receiving the first tranche of the $3 billion International Monetary Fund bailout package on May 19, 2023.

 

According to the auction results by the Bank of Ghana, the government received ¢2.72 billion from the sale of the short-term financial instruments, slightly lower than the targeted amount of ¢2.73 billion.

The majority of the bids came from the 91-day T-bill as a little above ¢2.01 billion were tendered. All the amount was accepted.

 

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COMMENTS
  1. author
    LadyPearl

    Unbelievable

  1. author
    Caesar1

    Hmm

  1. author
    Holymoney

    ok

  1. author
    Amanell

    Eeii sa

  1. author
    Duma97

    Ok

  1. author
    Livinggod300

    Wow

  1. author
    LyfBwoy

    Okay

  1. author
    Legendry

    Okay

  1. author
    Tommie

    Okay

  1. author
    PRINCESUARI

    Wow

  1. author
    Bumbleee

    J

  1. author
    maryagyepomaa

    Oh

  1. author
    Sumaila025

    Ok

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