During the first six months of 2024, the government however received total bids worth GH¢116.07 billion from investors.

Instructively, the money market continued to boom through the period, upholding the upward trend since the onset of Ghana’s economic challenges.

Additionally, investors maintained a strong appetite for treasury bills to balance long-term risk in GoG bonds while raking in competitive real returns through T-bills.

Interest rates fall sharply

Meanwhile, T-bill yields declined sharply through half-year 2024, largely on the positive inflation outlook coupled with the earlier 100 basis points monetary policy rate cut in January 2024.

The government exhibited strong demand for money market funding with weekly uptakes reaching record levels.

The 91-day and 182-day tenors decreased by 449 basis points and 515 basis points to 24.87% and 26.80% at the end of June 24.

The 364-day yield also lost 470 basis points to end the half-year 2024 at 27.79%.

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According to the 2024 Citizens Budget by the Finance Ministry, this will represent 52.7% of the expected total expenditure of about GH¢226.68 billion.

The expenditure from these two main items is lower than what was recorded in 2023.

About GH¢39.58 billion Grants to other Government Establishments is the third largest expenditure for this year.

It is followed by Capital Expenditure of GH¢28.72 billion. Other expenditures constitute GH¢27.69 billion, whilst Goods and Services make up GH¢11.06 billion.

The Total Expenditure for this year constitutes 21.6% of Gross Domestic Product (GDP).

Primary Expenditure which is expenditure less interest payments is projected at about GH¢170.7 billion, approximately 16.2% of GDP.

Meanwhile, based on the estimates for Total Revenue and Grants and Total Expenditure (commitment), the projected overall balance on a commitment basis is a deficit of GH¢50.1 billion.

The corresponding Primary balance on a commitment basis is however a surplus of GH¢5.7 billion, equivalent to 0.5% of GDP.

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