Government has earmarked some GHS 55.9bn as interest payments on domestic loans which are mainly treasury bills.
Government is seeking to borrow GHS 94.4 billion via treasury bills in 2024 to finance its expenditure.
This amount includes a GHS 31.8 billion buffer for T-Bill auction shortfalls. Analysts believe the government will continue the excess uptakes of T-Bills auction which began late last year and into this new year to build the target buffer.
In November 2023, the government accepted ¢15.3 billion, surpassing the rollover obligation by 45.4% and the offer target by 26.5%.
Investors submitted total bids of GHS 16.3 billion across the T-bills, representing an average weekly bid size of GHS 4 billion and exceeding the total maturities of GHS 12.8 billion.
For this month – January 2024 – the government is seeking to borrow GHS 12.7 billion via treasury bills to finance maturing bills.
This is 1.2% lower than that of December 2023.
Already, the government has raised GHS 3.22 billion in the first auction of 2024, 15.24% more than the targeted amount.