The government borrowed GH¢22.06 billion using T-bills in January 2024.

Analysts anticipate that the increasing trend will persist into February 2024 as the treasury prepares for an approximate GH¢4.3bn cash coupon payment on the new bonds. Nevertheless, yields are projected to decrease due to the market adjusting to the disinflation pattern coupled with the 100 basis points reduction in the monetary policy rate announced during the January 2024 Monetary Policy Committee meeting.

In the previous week, investors showed strong interest in the treasury’s offering during the money market auction, with total bids amounting to GH¢4.53 billion, surpassing the GH¢2.86 billion target. The government accepted all bids.

Yields saw a further decline with the 91-day and 182-day yields dropping to 28.30% (a decrease of 29 basis points) and 30.79% (a decrease of 30 basis points) respectively. The 364-day yield concluded lower at 31.40% (a decrease of 40 basis points).

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