T-bills: Government borrowed GH¢15.60bn in April 2024

The government borrowed GH¢15.60 billion via treasury bills in April 2024.

This is 21.61% lower over March 2023.

The government underperformed its target in four out of the five auctions settled in Apr 2024.

It missed the gross monthly target by 9.73% and 3.90% below the matured bills.

However, it remained focused on trimming T-bill yields in Apr 2024.

Whilst, the 91-day shed 45 basis points to close at 25.55%, the 182 and 364-day yields lost 85 basis points each to end the month at 27.65% and 28.25% respectively.

Notable upside pressures remain from inflationary risk in the recent increase of ex-pump fuel and transport prices.

However, analysts expect the favourable inflation outlook to augur well for treasury yields in the money market.

Meanwhile, T-bills were oversubscribed in last week’s money market auction, as total bids exceeded the treasury’s target.

The treasury accepted all bids worth GH¢3.47 billion, above the auction target by 17.07% and matured bills by 26.74%.

Yields persisted southward, with the 91-day falling 10 basis points to 25.45%.

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