• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

T-Bills Auction: Gov’t borrows GHS 8.2bn in April

2 years ago
in Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
60
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

T-Bills Auction: Gov’t borrows GHS 8.2bn in April

In April 2023, the Ghanaian government borrowed ¢8.25 billion on the treasury market, exceeding its gross target by 18.20%. The borrowed funds were utilized to refinance maturities worth ¢6.3 billion, signaling a robust demand for government debt. However, yields on T-bills increased in April, with the 91-day, 182-day, and 364-day yields rising to 19.95%, 22.71%, and 27.26%, respectively, compared to the previous month.

This rise in yields could be attributed to the unexpected 150 basis points hike in the policy rate, which has renewed upward drive on T-bill yields after their recent decline from a peak of 35.0% to between 18.5% and 26.8% by mid-March 2023. Nevertheless, analysts believe that the improving economic outlook could drive yields lower at the end of May 2023, though there is still a potential for a further rise this week.

In the near-term, the Treasury’s continued reliance on the money market, without an active primary bond market, is expected to keep yields elevated around the current levels of between 19.0% – 27.0%. However, analysts expect trading in T-bills to dominate the secondary fixed-income market in 2023, as the lack of price action on the bond market continues.

This dominance of T-bill trading is expected to drive down trading yields with a spillover to the primary market for T-bills, supporting the downside view on yields by the end of 2023. Analysts have also pointed out that the IMF program, set to begin later in the year, may be a catalyst for the downturn in yields in late 2023.

The high yields on T-bills offer an attractive investment opportunity for investors seeking short-term, low-risk investments. However, the high borrowing costs could pose a challenge for the Ghanaian government, as it seeks to raise funds for its budgetary needs. The high debt burden has been a concern for policymakers, and the government has been making efforts to contain the rising debt levels, including seeking assistance from international financial institutions like the IMF.

The Ghanaian treasury market has witnessed robust demand for government debt in April 2023, with the government exceeding its gross target for borrowing. However, rising yields on T-bills have also been observed, which could be attributed to the recent hike in the policy rate. While analysts expect yields to settle lower at the end of May 2023, continued dependence on the money market and lack of price action on the bond market could keep yields elevated in the near term. Nevertheless, analysts expect trading in T-bills to dominate the secondary fixed-income market in 2023, leading to lower trading yields and a potential spillover to the primary market by the end of the year.

RelatedPosts

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

Tags: T-Bills AuctionT-Bills Auction: Gov't borrows GHS 8.2bn in April
No Result
View All Result

Highlights

BoG Designates Digital Credit Services as Non-Bank Financial Service

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny

BOST Holds 2025 AGM, Tasked to Deliver Profitability and Support Green Transition

Brussels Airlines Adds 5 More A320neo Aircraft to its Fleet

Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi

Trending

Business

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

August 29, 2025

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns Ghana Link Network Services Ltd,...

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

August 29, 2025

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

August 29, 2025
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama,

BoG Designates Digital Credit Services as Non-Bank Financial Service

August 29, 2025

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

August 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.