In January 2024, the government exceeded its treasury bill target, borrowing GH¢22.06 billion, marking an increase of approximately 35.80% from the planned GH¢15.13 billion.
The majority of bids were dominated by the 91-day T-bill, as reported by Joy Business.
Analysts anticipate a continued upward trend in uptake for February 2024, with an estimated cash coupon payment of about GH¢4.3 billion on the new bonds.
However, yields are expected to decline in line with disinflation and a 100 basis points cut in the monetary policy rate.
During the previous week, investors showed significant interest in the treasury’s money market auction, with total bids reaching GH¢4.53 billion against a GH¢2.86 billion target, all of which were accepted.
Yields saw a decrease, with the 91-day and 182-day reaching 28.30% and 30.79%, respectively, while the 364-day yield closed at 31.40%.