ghana market commentary

The bond market traded flat yesterday with yields largely unchanged from the prior session amid persisting liquidity constraints. Small volumes of 23s and 27s were observed trading at 18.30% and 19.30% levels respectively. We reckon cedi liquidity will improve in coming sessions on the back of today’s GHS1.5 billion BOG bill maturity. However, we expect more of the same today as participants await IPG for this week’s 3-year bond offer, which we anticipate will be in the range of 17.90- 18.20%. In other news the fourth quarter issuance calendar was released yesterday with the treasury intending to raise a gross amount of GHS21,170.00, of which GHȼ20,129.30 million is to rollover maturities. The remaining GH¢1,040.70 million is fresh issuance to meet Government’s financing requirements. USDGHS closed yesterday flat at 6.2100/6.2300.