Government Borrowed GH¢4.2bn In December 2019

The Government of Ghana borrowed GH¢4.2 billion in notes and bonds in December 2019.

This consists of GH¢3.2 billion 2-Year Notes, GH¢505.4 million of 3-Year bonds and GH¢478.6 million of 4-Year bonds.

Some of the securities were to be rolled over while the rest were fresh funds. The yield on the 2-Year Notes were 20.95%, 19.50% and 19.75% per annum, respectively.

That of the 3-year bonds were 18.50%, and 19.70% per annum respectively, while 17.60% and 19.50% per annum were the coupon rates offered to investors for the 4-Year bonds.

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It is expected that interest payments will be done every six months till maturity.

It has being noticed that majority of the funds borrowed will be used to settle maturing debts.

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Per the issuance calendar for the first quarter of 2019, the government of Ghana would borrow GH¢19.08 billion in the first quarter of this year.

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GH¢15.68 billion is expected to be used to roll over maturities while the remaining GH¢3.4 billion, which is fresh issuance, will be used to meet the government’s financing requirement.

According to the issuance calendar released by the Ministry of Finance, GH¢7.8 billion, which is the largest amount, will be obtained from the issuance of Treasury bills, GH¢2.55 billion from the issuance of one-year note and GH¢2.50 billion from the 3-year bond.

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