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The Ghanaian government plans to borrow GH¢78.441 billion from the money market in the third quarter of 2024.
The borrowing will be split as follows:
- Rollover of Short-Term Maturities: GH¢53.807 billion
- Fresh Issuance: GH¢24.633 billion to meet new financing needs
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This borrowing will be managed through the weekly issuance of 91-day, 182-day, and 364-day Treasury bills. The issuance will be conducted via primary auctions, with settlements occurring one business day after the transaction date.
A notice from the Bank of Ghana has indicated that this gross borrowing amount is indicative and subject to revision. The issuance calendar may also be updated monthly to reflect the financing needs for the quarter, in line with the 2024 domestic maturities and Net Domestic Financing (NDF) outlined in the 2024 Budget Statement.
In the first half of 2024, the government borrowed GH¢115.77 billion from the treasury market, a 70.22% increase from the same period the previous year. During this period, total bids received amounted to GH¢116.07 billion, showing a strong market appetite for treasury bills amid ongoing economic challenges. Investors are leveraging treasury bills to mitigate long-term risks associated with government bonds and secure competitive returns.
