The government in March 2024 borrowed GH¢19.90 billion through treasury bills, marking a 17% decrease from February's borrowing.A portion of these funds, GH¢14.47 billion, was allocated to refinancing maturing debts.

One notable trend was the continual decline in yields.The 91-day, 182-day, and 364-day yields closed at 26% (128 basis points lower), 28.5% (-125 basis points), and 29.1% (-120 basis points) respectively, indicating a sustained downward trajectory.

Analysts anticipate a sluggish reduction in yields for April due to slower disinflation and a recent Cash Reserve Ratio increase for banks with loan-deposit ratios below 55%.

Investor demand for T-bills fell below the treasury's target last week, prompting the government to accept all bids, resulting in a raised amount of GH¢2.35 billion against a GH¢4.16 billion target.This decision impacted target and maturity coverage ratios, reflecting levels last observed in April 2022.

Despite these shifts, yields continued their descent with a 25 basis points drop across all tenors.The 91-day and 182-day yields settled at 25.75% and 28.25% respectively, while the 364-day closed at 28.85%.

Looking ahead, the government plans to raise GH¢2.81 billion this week through 91 to 364-day bills to fulfill GH¢2.58 billion in refinancing obligations.