The Government of Ghana will raise GH¢5.3 billion from the treasury market on Friday August 23, 2024.
This will be through the issuance of 91-day, 182-day, and 364-day bills to cover GH¢5.0 billion in maturing bills.
Ghana’s headline inflation for July 2024 decreased by 190 basis points to 20.9% month-on-month, marking the lowest level since April 2023.
This decline was primarily driven by stable food prices and a relatively stable cedi during the month.
Analysts anticipate that investors will respond positively to this trend, reducing their risk premium across the T-bill yield curve in the coming week.
However, strong government demand and the Bank of Ghana’s attractive bill yields may hinder a consistent decline.
Last Friday, the 91-day T-bill yield rose by 1.0 basis points to 24.84%, up from 24.83% in the previous week, while the 182-day and 364-day yields both decreased by 1.0 basis points to 26.75% and 27.85% respectively.
The treasury accepted all bids but fell short of its GH¢4.9 billion target, raising GH¢4.6 billion instead.
This narrowly covered maturities of GH¢3.9 billion.
Source: Business Analyst