Menu

Government borrowed GH¢24 billion via T-bills in February 2024 - Report

Treasury Bills File photo

Mon, 4 Mar 2024 Source: www.ghanaweb.com

In February this year, government borrowed an amount of GH¢24 billion via treasury bills.

This is 29.3% higher than its target, a report by myjoyonline indicated.

It further said government exceeded its 2-month target by GH¢12.4 billion.

"Investors submitted total bids worth GH¢24.1 billion (+8.8% month-on-month) while accepted bids were valued at GH¢24.0 billion (+8.9% mon-on-month), sustaining the government’s quest to build buffer for future auction shortfall as indicated in the 2024 budget," the news portal stated.

In January this year, government borrowed GH¢12.7 billion from T-bills to finance maturing bills.

This was from the 91, 182, and 365-day bills.

The 91-day and the 364-day yields as of December 2023 were cut by 14 basis points and 74 basis points month-on-month to 29.4% and 32.5% respectively while the 182-day yield gained 19 basis points to 31.9%.

Analysts estimate show that the cumulative excess uptake in the first 2 months of 2024 is 23% more than the excess uptake recorded in the same period in 2023.

Meanwhile, government raised an amount of GH¢3.223 billion in the first auction of 2024.

This represented 15.24% more than the targeted amount.

Despite the high rates, the government has witnessed oversubscriptions in the past months except in a few instances where it saw slight undersubscriptions.

SA/MA

Watch the latest edition of BizHeadlines below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel

Source: www.ghanaweb.com