The Business & Financial Times
July 13, 2021
Ken Ofori-Atta
The government has signaled a limited need for new financing from the domestic debt market, following the announcement of a new issuance calendar for July to September 2021.
The new issuance calendar announced by the Treasury Department of the Ministry of Finance last week indicates that, government intends to issue a gross amount of GH¢23.23 billion, of which about GH¢22.62 billion is to rollover maturities and the remaining GH¢611.94 million is meant for fresh issuance to meet its financing requirement during the period.
In the previous calendar, from June to August 2021, the government intended to raise GH¢ 8.13 billion and GH¢7.13 billion in July and August 2021, respectively. However, in this new issuance calender, after a critical look at market activities in the first half of the year, government now plans to raise GH¢ 8.10 billion and GH¢ 5.78 billion in July and August, respectively.
Falling interest rates won t guarantee aggressive lending
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Vegetables continued to be a key driver of food inflation
The latest decline in consumer inflation from 10.4 percent at the end of 2020 to 9.9 percent in January is good for investor sentiments, a senior analyst with Databank Research, Courage Kingsley Martey, has said.
The decline in headline inflation to within the Bank of Ghana’s medium-term target of 8±2 percent is largely attributable to a slowdown in the growth of food prices such as vegetables, fruits and nuts.
“To start the year with a decline in inflation is good for investor sentiments on the market, as it would support the decline in treasury yields that we currently observe on the domestic market and it also deepens confidence in the current monetary policy stance as being appropriate,” Mr. Martey said in an interview with Business24.
Ghana’s economy remains vulnerable to foreign portfolio outflows, says Courage Kingsley Martey, Senior Economist with Databank Research, in an assessment of the latest data on the country’s balance of payments (BoP) released by the central bank.
According to the Bank of Ghana’s summary of economic and financial data published ahead of its policy rate announcement today, the external sector suffered much from the impact of the coronavirus pandemic.
The BoP contracted to a deficit of US$632.47m, equivalent to 0.95 percent of gross domestic product, at the end of 2020 from a surplus of US$1.34bn, equivalent to 2 percent of GDP, in 2019.
Ghana’s economy remains vulnerable to foreign portfolio outflows, says Courage Kingsley Martey, Senior Economist with Databank Research, in an assessment of the latest data on the country’s balance of payments (BoP) released by the central bank.
According to the Bank of Ghana’s summary of economic and financial data published ahead of its policy rate announcement today, the external sector suffered much from the impact of the coronavirus pandemic.
The BoP contracted to a deficit of US$632.47m, equivalent to 0.95 percent of gross domestic product, at the end of 2020 from a surplus of US$1.34bn, equivalent to 2 percent of GDP, in 2019.
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