\n
\u00a0<\/p>\n
In a remarkable end to the year, Ghana\u2019s government has recorded a 9% oversubscription in its final Treasury bills auction for 2024, securing a total of GH\u00a24.6 billion.<\/p>\n
This development comes amidst fluctuating investor confidence following the general elections.<\/p>\n
The auction, which dominated the 91-day Treasury bill, attracted bids worth GH\u00a23.8 billion, while the 182-day bill contributed GH\u00a2628.16 million, accounting for 13.5% of the total bids.<\/p>\n
The 364-day bill brought in GH\u00a2179.37 million, representing 3.36% of the total.<\/p>\n
However, this marginal oversubscription came at a cost, as treasury bill rates saw another consecutive hike.<\/p>\n
The interest rate for the 91-day bill edged up from 27.85% to 28.03%, while the 182-day bill rose from 28.68% to 28.88%. The 364-day bill also increased, moving from 29.97% to 30.07%.<\/p>\n
This performance wraps up the year for the government\u2019s short-term debt market strategy, setting the stage for 2025.<\/p>\n
Treasury bills have become the government\u2019s primary financing tool after losing access to international capital markets and facing successive sovereign credit downgrades.<\/p>\n
In 2022, the government announced a domestic debt exchange program, which led to a stagnation in the local debt market. As a result, the government has relied heavily on treasury bills to finance its activities.<\/p>\n
Looking ahead to 2025, Databank projects that the government may reduce T-bill issuances by up to GHS 20 billion, bringing the total stock to around GHS 200 billion.<\/p>\n
This move is expected to be driven by the incoming administration\u2019s commitment to fiscal consolidation.<\/p>\n
President-elect John Mahama has signaled a strong commitment to reducing the country\u2019s debt burden.<\/p>\n
His administration plans to scrap the E-levy and COVID-19 levy, which could lower demand and yields for short-term instruments.<\/p>\n
-BY Daniel Bampoe<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0 In a remarkable end to the year, Ghana\u2019s government has recorded a 9% oversubscription in its final Treasury bills auction for 2024, securing a total of GH\u00a24.6 billion. This development comes amidst fluctuating investor confidence following the general elections. The auction, which dominated the 91-day Treasury bill, attracted bids worth GH\u00a23.8 billion, while the […]<\/p>\n","protected":false},"author":1,"featured_media":95923,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-274575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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