We will borrow GH¢2.9 billion to pay debts between June and August; Government has announced [Details]

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The latest issuance agenda released by the Finance Ministry revealed that the Ghanaian government will borrow just over 2 billion yen of new money between June and August 2021.

According to Joy News, the government plans to issue about 21.96 billion yen, of which 19.86 billion yen will be used to pay off outstanding debts or extensions.

Much of the money that will be mobilized will come from 91-day Treasuries, which is a clear intent for the government to seek to reduce external borrowing, but may exclude the private sector from access to funds in the domestic market.

The new funds are expected to finance government projects identified in the 2021 budget.

In terms of the period, the government will borrow up to C$8.13 billion in July 2021, the highest among the three months.

According to the calendar, the government will issue 11.2 billion yen via 91-day T-bills, while 1.71 billion yen will be mobilized by issuing 182-day T-bills.

However, it is expected to raise 1.8 billion yen each in 3-year, 6-year and 7-year bonds, respectively.

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Also, it is expected to raise 1 billion yen through the issuance of 10-year bonds in August 2021.

While 1.45 billion yen is expected to be raised via a one-year bill, 1.2 billion yen will be mobilized through a two-year bond issue.

According to the government, it will bill for 91 days, 182 days a week and 364 days every two weeks. Securities will be issued for a period of 2 years up to 10 years by the method of building a record.

The government was expected to borrow 4.12 billion yen in new money in the second quarter of this year, which ends this month.

Remember, Ghana’s public debt stock rose by 13 billion yen to 304.6 billion yen in March 2021, according to the Bank of Ghana (BoG) summary of economic and financial data.

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