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 |