The government raised ¢15.32 billion in Treasury bills in November 2023, across the 91 to 364-day bills to cover matured bills worth ¢10.60 billion .

This is a 17.0% increase over the month of October 2023. 

Notably, the 364-day bill attracted significant investor interest with aggregate bids reaching ¢2.72 billion.

However, the T-bill yields registered an average decline of 0.05%, with 91, 182 and 364-day tenors closing at 29.5%, 31.76%, and 33.23% respectively.

Nonetheless, analysts believe the government’s strong reliance on T-bills will likely restrain the decline in yields in the month of December 2023.

This week the government is expected to raise ¢3.92 billion, lower than last week’s 5 billion plus.

T-bills auction: Interest rates return to upward trajectory

Interest rates returned to an upward trajectory for the first time in a month, as the government continued to borrow heavily on the money market to finance its expenditure.

According to auction results by the Bank of Ghana, the rate on the 91-day T-bill went up marginally to 29.56% from the previous week’s 29.49%.

That of the 182-day bill also surged to 31.76% from the preceding week’s 31.75%.

The one-year bill also increased by 21 basis points to 33.44%.