Ghana’s T-Bill Borrowing to Hit GH₵200bn in 2025

The government plans to borrow approximately GH₵200 billion from the Treasury bill market in 2025, marking a reduction from the estimated GH₵220 billion in 2024, Databank Research reports.

This forecast indicates a weekly borrowing average of GH₵3.9 billion, down from GH₵4.2 billion the previous year.

Databank Research, in its 2025 Ghana Market Outlook report, attributes this decline in short-term borrowing to better access to alternative funding sources and a strategic focus on long-term securities.

This approach aligns with Ghana’s ongoing economic recovery efforts and expanded access to international financial markets, offering the government more sustainable financing options. The transition to long-term instruments is expected to fully materialize after the first quarter of 2025.

“In 2025, we anticipate a significant reduction in the Treasury’s reliance on money market funding, driven by improved access to alternative financing and a deliberate shift towards long-term securities. This adjustment should allow the Treasury to lower high T-bill yields,” the report states.

The research projects government borrowing from the T-bill market to reach GH₵200 billion in 2025, compared to GH₵220 billion in 2024, translating to a weekly average of GH₵3.9 billion versus GH₵4.2 billion, respectively.

Databank highlights that with better access to international funding and steady improvement in the economy, the government might start using more long-term financing options. However, this change will probably pick up speed after the first quarter of 2025, as the Treasury focuses on meeting short-term funding needs and handling debts from heavy borrowing in the second half of 2024.