The government will borrow GH¢6.32 billion in a T-bills auction on May 2, 2025. It will offer 91-day, 182-day, and 364-day bills to raise the funds. The government will use this to settle GH¢6.09 billion in maturing bills.
Analysts expect a slight reduction in yields as momentum builds around the bond market reopening. This could lower domestic interest payments for the government.
Databank Research predicts that the bond market will likely reopen in June. The timing aligns with a more stable disinflation path and the Ministry of Finance’s two-year recovery strategy. Analysts also expect strong demand in the money market, driven by improved investor sentiment.
Selective debt acceptance is expected to push yields lower, increasing the appeal of longer-term bonds to non-resident investors at the reopening.
The previous auction received GH¢7.27 billion in bids, surpassing the GH¢6.15 billion target. The government accepted GH¢6.70 billion.
Yields continued to fall. The 91-day rate dropped by 13 basis points to 15.32%, the 182-day rate decreased by 14 basis points to 16.04%, and the 364-day rate fell by 25 basis points to 18.37%.
