The government plans to borrow ¢2.73 billion from the treasury market this week, after missing its target of ¢3.33 billion in the previous week.
The borrowed amount will be used to pay off maturing debts worth ¢2.60 billion. The government has been relying heavily on the money market for funding, as it has lost access to other sources due to the debt default.
However, analysts believe that the fall in inflation and the expected loan from the International Monetary Fund (IMF) will help to reduce the pressure on money market yields in the near future.
They also anticipate that a board-level approval from the IMF will boost investor confidence and support the cedi’s stability.