The government plans to borrow GH¢78.441 billion from the money market in the third quarter of 2024. Out of this amount, GH¢53.807 billion will be allocated to rolling over short-term maturities, while the remaining GH¢24.633 billion in fresh issuance will address the government’s financing needs.
The borrowing will be conducted through the issuance of 91-day, 182-day, and 364-day treasury bills on a weekly basis. These will be issued via the primary auction, with settlements occurring one business day after the transaction date.
A notice from the Bank of Ghana clarified that the gross borrowing amount is indicative and may be adjusted when transaction advertisements are published.
Additionally, the government may update the issuance calendar monthly to reflect its full quarterly financing program.
The borrowing plan is based on the domestic maturities scheduled for 2024 and the Net Domestic Financing (NDF) outlined in the 2024 Budget Statement and Economic Policy. It also details the securities that will be issued to meet the government’s Public Sector Borrowing Requirement for the period from July to September 2024.
In the first half of 2024, the government borrowed GH¢115.77 billion from the treasury market, marking a 70.22% increase compared to the same period last year. Investors submitted total bids worth GH¢116.07 billion during this time.
The money market has continued to thrive amid Ghana’s ongoing economic challenges, with investors showing a strong preference for treasury bills. This trend reflects their strategy to balance long-term risks associated with government bonds while securing competitive real returns through short-term instruments like T-bills.
