The Government of Ghana has outlined its issuance plans for the fourth quarter of 2017. In the plan, Government intends borrowing a total of GH¢14,800.00 million through the issuance of treasury securities. The amount comprises of GH¢2,021.83 million in fresh issuance to meet Government’s financial requirements and GH¢12,778.17 million to rollover forecast maturities.
The calendar favours more short term borrowing as compared to medium and long term borrowings. Treasury bills constituted 56% of the total amount whilst treasury notes and treasury bonds constituted 14% and 30% respectively.
Meanwhile, Government borrowed a total of GH¢51,180.94 million from January to September this year from the treasury market, constituting 97% of the planned issuance of GH¢52,880.00 million for the same period.
Details of the issuance calendar for Q4, 2017 are shown below:
Instrument | October | November | December | Total |
91-Day | 2,000 | 2,050 | 2,050 | 6,100 |
182-Day | 800 | 750 | 650 | 2,200 |
1-Year | 400 | 400 | 400 | 1,200 |
2-Year | 300 | 300 | 300 | 900 |
3-Year | 400 | – | 600 | 1,000 |
5-Year | 400 | 500 | – | 900 |
10-Year | – | 1,500 | – | 1,500 |
15-Year | – | 1,000 | – | 1,000 |
| 4,300 | 6,500 | 4,000 | 14,800 |
Source: Original Article
