The Government of Ghana will borrow ¢2.63 billion this week to largely finance maturing bills of about ¢2.50 billion.

This will be issued across the 91-day to 364- day treasury bills.

Analysts and traders foresee money market yields clearing slightly higher, due to the higher yield on Bank of Ghana bill, which could squeeze some liquidity from the market.

Last week, the government raised ¢2.41 billion money market auction on robust investor demand, about 16% oversubscription of the targeted amount.

The 91-day and 182-day yields increased to 21.16% (+36 basis points) and 23.94% (+32 basis points), respectively, as the government accepted higher yields to achieve its auction target.

According to figures from the Bank of Ghana, the government got about ¢2.4 billion from the T-bills auction across the 91-day and 182-day.

Once again, the chunk of the bids came from the 91-day bill.

A little over ¢1.59 billion were tendered by the investors for the 3-month financial instrument.

The government accepted over 99% of the bids.

For the 182-day T-bill, about ¢816 million were tendered by the investors, largely the banks. All the bids were subsequently accepted.