Government to borrow GH¢38.96 billion from T-bills from July to September

The government is expecting to borrow a total of GH¢38.96 billion from July to September 2023.

The government expects to raise this amount through the 91-day, 182-day, and 364-day bills.

This is according to the Issuance Calendar for the period July to September released by the Ministry of Finance on August 9, 2023.

The calendar is developed based on the 2023 domestic maturities for the period and the Medium-Term Debt Strategy.

It describes the securities that are intended to be issued in respect of the Government’s Public Sector Borrowing Requirement for the period July to September 2023.

The release stated that: “Reference to the ongoing Domestic Debt Exchange Programme (DDEP), Government’s financing from the domestic market will be the issuance of only treasury bills.

“In this regard, Government plans to issue a gross amount of GH¢38,959.63 million for the period, July to September 2023. Please note that the stated gross borrowing amount is indicative to guide the market and may be revised when transaction adverts are published,” parts of the statement noted.

The government added that the issuance calendar may also be updated rolling monthly basis, to reflect a full quarter financing programme.

For the period, Government aims to meet its financing needs through the issuance of Treasury bills as follows:
i. 91-day, 182-day, and 364-day bills will be issued weekly; and
ii. this will be done through the primary auction with settlement being the transaction date plus one working day.

Government expects that the July to September 2023 Calendar meets the requirements of market participants whiles assuring all stakeholders and the public, “that it will continue to strive for greater predictability and transparency in the domestic capital market.”