The Government of Ghana borrowed ¢11.26 billion through treasury bills in May 2023.

This represents 36.57% increase over the previous month.

The target for the month was estimated at ¢11.33 billion.

According to the trading results, the uptake almost covered the matured bills worth ¢11.42 billion.

The yields on the 91-day and 182-day bills surged 85 basis points and 91 basis points, respectively, to 20.80% and 23.62%.

Analysts believe the elevated yield on Bank of Ghana’s 56-day OMO bill will likely continue to present an upward risk to money market yields in June 2023.

Government borrowed ¢2.4bn on June 2

The government borrowed ¢2.4 billion from the money market across the 91-day and 182-day on Friday, June 2, 2023.

Once again, the chunk of the bids came from the 91-day bill.

A little over ¢1.59 billion were tendered by the investors for the 3-month financial instrument.

The government accepted over 99% of the bids.

For the 182-day T-bill, about ¢816 million were tendered by the investors, largely the banks. All the bids were subsequently accepted.

Meanwhile, interest rates continued to surge on the money market.

The 91-day T-bill shot up by 0.36% to 21.15%, whilst the 182-day T-bill also went up to 23.93%, from 23.62% the previous week.