Audio By Carbonatix
The government will borrow ¢1.59 billion via the 91-day and 182-day Treasury bills next week.
The proceeds will be used to refinance maturing debts worth ¢1.51 billion across the same tenors. Analysts and Market Waters expect demand to remain robust as investors take advantage of slightly elevated yields.
Ghana is hoping to secure a $1 billion loan from the World Bank which would be made available after concluding an International Monetary Fund (IMF) board level agreement.
This will help the government to reduce its short-term borrowing, leading to decline in yields.
Last Friday April 21, 2023, the government received bids of ¢2.54 billion and accepted ¢2.53 billion for the T-bills.
The effect of the liquidity squeeze lingers as investors continue to demand higher yields despite falling inflation.
Yields increased across all tenors, as the 91-day and 182-day inched up 0.12 percent and 0.10% to 19.86% and 22.58% respectively.
Additionally, the 364-day yield settled at 27.26%.
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