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Government Borrows GH¢11,325m In 2nd Quarter
 
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17-Apr-2018  
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Government has spelt out plans to borrow a gross amount of GH¢11,325.00 million, out of which GH¢8,748.00 million would be used to rollover maturities (i.e. existing ones).

A press release issued by the Central Bank, signed by its Secretary, Caroline Otoo, which made this known, said the remaining GH¢2,577.00 million would be used to meet government’s financing requirements for the period.

Per the calendar, it said government intends to build benchmark bonds through the issuance of its short and medium term debt instruments.

Starting from this month, government would issue GH¢1,897 million in 91-day treasury bills, GH¢834 million in 182-day treasury bills, GH¢672 million in 1-year note, GH¢500 million in 5-year bond, as well as GH¢750 million in 7-year bond all totaling GH¢4,653 million.

For May, it expects to issue GH¢1,653 million in 91-day T-bills, GH¢593 million in 182-day T-bills, GH¢473 million in 1-year note and GH¢840 million in 2-year note, all totaling GH¢3,558 million.

In June, government is expected to roll out GH¢1,079 million in 91-day T-bills, GH¢678 million in 182-day T-bills, GH¢356 million in 1 year note, GH¢250 million in 3-year note and GH¢750 million in 10-year bond all making GH¢3,113 million.

The Ministry of Finance is expected to later calculate how much the planned issuance will increase the country’s debt situation.

Government ended 2017 with a debt stock of GH¢142.5 billion, bringing the debt-to-GDP to 70 percent, which some analysts have said was still high.

Domestic debt stood at ¢66.7 billion, representing a Debt-to-GDP ratio of 32.7 percent while foreign debt stock was at GH¢75.8 billion.

For the first quarter, government announced it would raise GH¢11.1 billion, of which almost ¢9 billion is billed to be used to roll over maturities, while the remaining GH¢2.1 billion, which was described as fresh borrowing is billed to meet government’s financing needs.
 
 
 
Source: Daily Guide
 
 

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