T-bills auction: Government borrowed GH¢17.22bn in June 2024, 9.55% more than May

The government borrowed GH¢17.22 billion from the treasury market in June 2024, 9.55% higher than that of May 2024.

About GH¢14.75 billion was used to repay maturing treasury bills.

This means 14.34% were fresh funds to be used by the government for other financing.

Meanwhile, yields continued to drift down slowly, with the 91-day and 182-day bills declining by 23 basis points and 15 basis points to 24.87% and 27.79% respectively.

The 364-day yield also lost 16 basis points to close at 27.79%.

Analysts believe the strong refinancing pressures coupled with a higher yield on Bank of Ghana’s Open Market Operations (OMO) bills may likely impede yield decline in July 2024.

Government accepts all GH¢3.00bn T-bills auction

Last week, investors overfunded the treasury’s target in the money market auction, pushing through total bids worth GH¢3.00 billion.

The government accepted all bids to cover estimated maturities valued at GH¢2.12 billion.

Yields were broadly unchanged, with 91-day and 182-day at 24.87% and 26.80%, respectively, while the 364-day closed at 27.79%