The government will borrow GH¢ 17.4 billion in July 2024, an18.8% increase over that of June 2024.

This will require an average weekly bid of GH¢3.5 billion to refinance maturing bills.

In the past 2-months post Cash Reserve Requirement, there had been an average weekly bid size of GH¢4.1 billion.

This suggests scope for the Treasury to raise new money worth GH¢3.2 billion in July 2024.

Last week, investors continued to favour the shorter end of the yield curve, with the 91-day bill raking in GH¢2.5 billion as against GH¢2.3 billion in the previous week, closing at a marginal decrease of 24.79%.

The 182-day bill followed suit at 26.75%, representing a 5 basis points drop in yield, while the 364-day bill remained unchanged at 27.79%.

The treasury accepted all bids covering estimated maturities valued at GH¢2.76 billion.

Meanwhile, the gradual decline in short-term yields is expected to continue.

Analysts expect a gradual decline of short-term yields to continue as investors anticipate inflation rate to drop further.

The government will on Friday July 12, 2024 raise GH¢4.7 billion through the 91, 182, and 364-day bills to facilitate the refinancing of maturing bills amounting to GH¢4.4 billion.