Audio By Carbonatix
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
-
Living with Hypertension and Diabetes: Mary Kessewaa’s daily fight for health
3 hours -
From Young Nurse to Hypertension Champion: Betty Twumasi Ankrah’s Journey
4 hours -
Ghana to mark Africa Safer Internet Day on February 10
5 hours -
Ghislaine Maxwell refuses to answer questions about Epstein in congressional hearing
5 hours -
King Charles’ ‘profound concern’ as police consider Andrew claims over Epstein
5 hours -
‘A Tax For Galamsey’: Dr Manteaw warns NDC against shielding ‘galamsey’ DCEs
6 hours -
When a TV is not a vote but the Gospel according to the television set
6 hours -
Ghana can significantly expand domestic revenue without raising tax rates -UGBS Finance Professor
6 hours -
Policeman killed in bloody robbery on Zebilla–Widnaba road
6 hours -
Cedi under seasonal pressure as Q1 demand intensifies; one dollar equals GH¢11.80 at forex bureaus
6 hours -
Roads Minister rejects Minority’s claim of downgrading Suame Interchange Project
7 hours -
Eco-Africa Network demands dismissal of culpable officials in explosive JoyNews exposé
7 hours -
Ayawaso East vote-buying: Party will take decision after committee findings – NDC
7 hours -
Ayawaso Zongo Chiefs warn of possible chaos if NDC annuls disputed primary
7 hours -
I didn’t see failure as an option: Chicago Fire forward Shokalook
7 hours