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Government To Raise GH¢78.4 Billion From Money Market In Q3 2024

1 year ago
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Government To Raise GH¢78.4 Billion From Money Market In Q3 2024

The Government of Ghana has unveiled plans to raise GH¢78.441 billion from the domestic money market during the third quarter of 2024.

Of this amount, GH¢53.807 billion is earmarked for rolling over maturing short-term securities, with the remaining GH¢24.633 billion designated for fresh issuances to meet the government’s financing needs.

The financing will be secured through the issuance of 91-day, 182-day, and 364-day treasury bills on a weekly basis. The primary auction process will settle transactions one business day post-auction.

The Bank of Ghana has indicated that the stated gross borrowing figure is indicative, designed to provide market guidance, and may be revised as specific transaction advertisements are released.

The issuance calendar may also be updated on a rolling monthly basis to reflect the full quarter’s financing program.

This borrowing strategy follows a robust first half of 2024, during which the government raised GH¢115.77 billion from the treasury market, a 70.22% increase year-on-year. The first six months saw total bids from investors amounting to GH¢116.07 billion.

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The money market has continued its upward trajectory, even amid Ghana’s ongoing economic challenges, with investors displaying a strong preference for treasury bills as a hedge against long-term risks in government bonds while securing competitive real returns.

This continued demand underscores the resilience of Ghana’s money market, driven by the dual factors of investor appetite and the government’s increased financing needs.

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