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T-Bills: Gov’t raises GHS 15.3bn; offsets GHS 10.6bn in maturities for November 2023

2 years ago
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T-Bills: Gov’t raises GHS 15.3bn; offsets GHS 10.6bn in maturities for November 2023

In the month of November 2023, the government exhibited a robust fiscal drive, raising GHS 15.32 billion in Treasury bills to offset matured bills amounting to GHS 10.60 billion. This marked a notable 17.0% increase from October 2023, showcasing the government’s proactive approach to managing its fiscal obligations.

Particularly noteworthy was the heightened investor interest in the 364-day bill, with aggregate bids soaring to GHS 2.72 billion. However, despite this, the Treasury bill yields experienced a marginal average decline of 0.05%. The 91, 182, and 364-day tenors concluded at 29.5%, 31.76%, and 33.23%, respectively.

Meanwhile, analysts are keenly observing the government’s reliance on Treasury bills, expressing concerns that such dependence may impede a substantial decline in yields anticipated in December 2023.

For the current week, the government aims to raise GHS 3.92 billion, signaling a slight reduction compared to the previous week’s GHS 5 billion plus. This move comes against a backdrop of shifting dynamics in the money market, where interest rates have resumed an upward trajectory after a month-long hiatus.

According to auction results from the Bank of Ghana, rates on Treasury bills witnessed marginal increases:

  • The 91-day T-bill edged up to 29.56% from the previous week’s 29.49%.
  • Similarly, the 182-day T-bill saw a slight surge to 31.76% from the preceding week’s 31.75%.
  • The one-year bill recorded a 21 basis points increase, reaching 33.44%.

These developments reflect the government’s continued reliance on money market borrowing to meet its expenditure requirements, contributing to the observed upward pressure on interest rates.

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Ghana’s Treasury bill landscape remains dynamic, with fluctuations in yields and borrowing patterns shaping the financial landscape. Analysts caution that the sustained reliance on Treasury bills may have implications for long-term fiscal sustainability, underscoring the need for a prudent and diversified fiscal strategy.

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