The government is expected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH₵220 billion in 2024, according to Databank Research.
This projection reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in the previous year.
In its 2025 Ghana Market Outlook report, Databank Research attributes the decline in short-term borrowing to improved access to alternative funding sources and a strategic pivot toward long-term securities.
This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, offering the government greater flexibility in exploring sustainable financing options.
The transition to long-term instruments is anticipated to take full effect after the first quarter of 2025.
“In 2025, we foresee a notable moderation in the Treasury’s demand for money market funding, driven by improved access to alternative funding sources and a strategic pivot towards long-term securities. We expect the ample decline in demand to offer the treasury some space to trim high T-bill yields.
“We project the government to borrow about GHS200bn from the T-bill market in 2025, below our estimate of GHS220bn in 2024, translating to an average weekly uptake of GHS3.9bn versus GHS4.2bn, respectively.
“With improving access to international funding and most macroeconomic indicators showing signs of sustained recovery, the government may likely pivot towards longer-term financing options. However, this shift is expected to occur after 1Q ’25, as the treasury refinancing needs may keep demand for short-term funding elevated while it navigates maturities from high uptake in 2H ’24,” part of Databank Research’s 2025 Ghana Market Outlook read.
