Government has released the much-awaited issuance calendar for the second quarter of 2021. The calendar has provided clarity on government’s liability management for rest of the second quarter up to the end of June 2021.  This should enable market participants to plan accordingly.

The government is planning to raise a total of GHS21.43 billion, and nearly 81% of the amount would be used to rollover maturities. The remaining amount of about GHS4.13 billion would be “fresh issuances to meet government’s financing requirements” in 2021.

More than half of the amount would be raised via the 91-day Treasury bill, and just GHS3.00 billion would be raised via medium term securities including the 5-year and 7-year bonds that would be issued in May and June 2021. The medium term securities would be issued via the book-building method, which is usually led by local financial institutions.