Government to borrow GH¢1.9bn in first quarter


The government of Ghana is projecting to raise some GHC17,400.00 million in the first quarter of 2017 (January to March) in bonds and notes to rollover forecast maturities of bond and notes amounting to GHC15,504.43 million.

The remaining amount of GHC1,895.56 which is fresh issuance will be used to meet the governments financing needs and build buffers for liability managements.

This is according to a statement published and signed by Caroline Otoo (Mrs.) the secretary of the Bank of Ghana (BOG), the approving authority for issuing of bonds and notes.

According to the issuance calendar the total amount to be raised, will be in three installments with the first one being GHC6,700.00 million today January 17, followed by another GHC5,300.00 million to be raised in a months’ time February 17, 2017. The final amount of GHC 5,400.00 million would also be raised on March 17, 2017.

The government’s Issuance calendar, suggests that, the Ministry of Finance will today January 17, 2017 through the BOG raise some GHC 6.700.00 million with this breakdown. Out of the amount GHC3,500.00 million will be from the 91 – day treasury bill, GHC2,000.00 million from 180 – day treasury bill, GHC200.00 million in 1 – year notes, another GHC400.00 million is expected to be issued in 2 – year bond and finally GHC600.00 million in 5 – year bond.

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 Month  91 – Day  182 – Day  1 – Year  2 – Year  3 – Year  5 – Year  Total
 Jan 17  3,500.00  2,000.00  200.00   400.00  600.00  6,700.00
 Feb 17  2,200.00  1,800.00  200.00   400.00  700.00  5,300.00
 March 17  2,650.00  2,150.00  200.00   400.00  5,400.00
 Total  8,350.00  5,950.00   600.00 1,200.00  700.00  600.00 17,400.00

Per the statement issued by the BOG, the issuance frequency for the 91-day and 182-day instruments is expected to be weekly, while the 1 – Year Note would be issued every two weeks through the primary auction, with settlement occurring on first and third Mondays of each month.

Meanwhile in the case of the 2 – Year Note, it would be issued monthly through the primary auction, with settlement occurring on second Mondays of each month.

But the 3 – year and 5 – year bonds would be done per the calendar through the book-building method, with settlement on the last Mondays of each month.

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Source: B&FT | Ghana


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