Government exceeds Ghs 43.8 billion targets on the fixed income market
Government, through the Finance Ministry, for the first half of the year exceeded its target of raising Ghs 43.8 billion on the primary fixed income market (the bond market).
The government, according to Asset Management Company, Tesah Capital, exceeded its target by 3.93 percentage points raising a total of Ghs 45.5 billion.
For the review period, total turnover – the amount of money taken by the government – on the country’s secondary fixed income market amounted to Ghs 107.6 billion.
Turnover on the secondary market surged by 112.3 percent yoy – against 99.0 percent in 1H 2020 – to Ghs 107.6 billion in 1H 2021.
Government securities accounted for 90 percent – against 93 percent recorded in 1H 2020 – of the total volumes traded in 1H 2021 with corporate securities making up the remaining 10 percent.
“Investors appetite in 1H 2021 was skewed toward medium-term securities (2-5-year) as they accounted for 72.4 percent of total trading volume,” stated Tesah Capital.
For the short-term government debt securities; 91, 182, and 364 treasury bills, Tesah Capital notes that recorded year-to-date change (YTD) in interest rates declined by 1.48 percent, 0.77 percent, and 0.63 percent respectively.
