In the third quarter of 2024, the government intends to borrow GH¢78.441 billion from the money market.
Of that amount, GH¢53.807 billion will be utilised for short-term maturities, and GH¢24.633 billion in new issuance will be used to address financial needs.
The weekly issuance of the 91-day, 182-day, and 364-day bills will accomplish this.
The primary auction will be used for the issue, and the transaction date plus one business day will be used for settlement.
The indicated gross borrowing amount is only intended to serve as a guide for the market and could change once transaction advertisements are released, according to a warning from the Bank of Ghana.
Once more, to represent a complete quarter financing program, the government may alter the issuance calendar on a rolling monthly basis.
It further stated that the calendar is created using the Net Domestic Financing (NDF) from the 2024 Budget Statement and Economic Policy, as well as the domestic maturities for the period in 2024.
It provided details on the securities that the government plans to issue in response to its requirement for public sector borrowing from July to September of 2024.
In half of 2024, the government borrowed GH¢115.77 billion.
In the first half of 2024, the government borrowed GH¢115.77 billion from the Treasury Market, a 70.22% increase over the same period the previous year.
However, investors made total bids of GH¢116.07 billion to the government during the first half of 2024.
Consistent with its increasing trajectory since the beginning of Ghana’s economic difficulties, the money market grew during this period.
Furthermore, treasury bills continued to be highly sought after by investors as a way to offset the long-term risk associated with GoG bonds and earn competitive real yields.