Government To Borrow GH¢12.7 Billion In Treasury Bills In January 2024

• The government plans to borrow GH¢12.7 billion in treasury bills in January 2024 to allow it to finance maturing bills
• The government has already raised over GH¢3 billion in the first auction of 2024, exceeding its target
• Analysts expect the government to refinance upcoming maturities due to strong demand at an average of GH¢4.0 billion per week

The government wants to borrow GH¢12.7 billion in treasury bills in January 2024 to finance maturing bills. This figure is 1.2% lower than that for December 2023.

GH¢3.223 billion has already been raised in the first auction of 2024. The GH¢3.223 billion raised by the government was 15.24% more than the targeted amount.

The demand for treasury bills was generally strong in December 2023, with investors bidding to GH¢16.3 billion.

The GH¢16.3 billion represented an average weekly bid size of GH¢4.0 billion. It also exceeded the total maturities of GH¢12.8 billion.

Read also

Cedi expected to depreciate 8.4% to the dollar in 2024, will hover mid-dollar rate to hover at GH¢13.10

Cedi to depreciate 8.4% to the dollar in 2024

According to Bloomberg, the Ghana cedi is expected to lose about 8.4% of its value to the US dollar in the retail market.

The expected depreciation of the Ghana cedi will be far lower than the 15.2% recorded in 2023.

Bloomberg did not classify the cedi in the "Best Spot Returns" or "Worst Spot Returns" category in 2023.

Bank of Ghana urges businesses to stop pricing in dollars

Meanwhile, YEN.com.gh reported that the Bank of Ghana warned the business community in Ghana against pricing and doing other related activities in US dollars and other foreign currencies.

The central bank said transacting in foreign currency in Ghana without authorisation is against the law.

Read also

2023 AFCON: Ghana to receive over GH¢83 million if Black Stars win the tournament

The BoG said in a statement that it is collaborating with law enforcement agencies to continue the clampdown on businesses flouting the law.

Fidelity Bank and First National Bank suspended from forex trading

In a separate story, YEN.com.gh reported that Fidelity Bank and First National Bank Ghana, two of Ghana's top banks, were sanctioned by the central bank for breaching interbank forex trading rules.

Bank of Ghana revoked the forex trading licences of the banks, and they would not be permitted to do any forex transactions for 30 days.

Source: YEN.com.gh