Is someone watching the GoG Treasury Bill Curve…?
In the month of August 2023, government accepted over GHS 12.4bn worth of bids tendered for Treasury Bills, up from the GHS 6bn in August 2022.
For July 2023, GHS 9bn worth of treasury securities were accepted.
This brings the total T-bills outstanding to GHS 55bn as of August 2023 as against GHS 27.1bn as of August 2022.
Just before DDEP was announced, T-bills stood at GHS 34bn representing a 48% increase post 1st DDEP.
GHS 21bn has been added in T-bills post-announcement of the 1st DDEP in December 2023 representing about 5% of GDP and a third of the nation’s fiscal.
Of the total GHS 196bn domestic debt outstanding, T-bill constitutes about 28% with an associated cost of about between 25% – 30% (almost GHS 16.5bn per annum) compared to the average 9% interest cost on the new DDEP bonds of about GHS 141bn.
