In November 2023, the government issued ¢15.32 billion in Treasury bills, ranging from 91 to 364 days, to pay off ¢10.60 billion in maturing debt.
This represents a 17.0% rise from October 2023.
The 364-day bill garnered noteworthy investor attention, with a total of bids amounting to ¢2.72 billion.
But T-bill yields saw a 0.05% average decline, with the closing rates for the 91-day, 182-day, and 364-day tenors being 29.5%, 31.76%, and 33.23%, respectively.
However, experts predict that the government’s heavy reliance on T-bills will probably limit the yield decline in December 2023.
The government is forecast to raise ¢3.92 billion this week, which is less than the ¥5 billion+ raised last week.
T-bill auction: Interest rates resume their rising trend
As the government kept taking out large loans from the money market to pay for its spending, interest rates started to rise again for the first time in a month.
The Bank of Ghana’s auction results show that the rate on the 91-day T-bill increased slightly from 29.49% to 29.56% the previous week.
The 182-day bill saw a similar increase, rising to 31.76% from 31.75% the week before.
In addition, the one-year bill went up 21 basis points to 33.44%.
Source: Ghana360news.com
