Gov’t to raise GH¢6.32bn in treasury bills to settle maturing debt

Sylvester Oppong Nyarko
2 Min Read

The Government of Ghana is set to raise GH¢6.32 billion from the domestic treasury market on Friday, May 2, 2025. The funds will be mobilized through the issuance of 91-day, 182-day, and 364-day treasury bills.

This move is primarily aimed at refinancing GH¢6.09 billion worth of maturing securities, helping the government manage its short-term debt obligations without increasing overall liabilities.

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Market analysts foresee continued yield compression in the weeks ahead. According to Databank Research, positive investor sentiment and anticipation of a bond market reopening are fueling this trend.

The firm predicts that June could be a strategic period for the government to reopen the bond market, aligning with a more stable disinflation path and the Ministry of Finance’s broader two-year economic recovery strategy.

“We expect strong demand in the money market in the short term, driven by improved investor confidence,” Databank noted.

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The research also emphasized that selective debt acceptance may push yields even lower, potentially attracting non-resident investors to longer-term instruments.

Last week’s auction demonstrated strong investor interest, with total bids reaching GH¢7.27 billion. The government accepted GH¢6.70 billion, well above the GH¢6.15 billion target.

Meanwhile, interest rates continued their downward trend. The 91-day bill dropped to 15.32%, the 182-day bill to 16.04%, and the 364-day bill to 18.37%, reflecting weekly declines of 13, 14, and 25 basis points, respectively.

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As the government continues to balance debt management with market conditions, all eyes will be on investor response in the upcoming auction.


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