The government is projected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, a decrease from the estimated GH₵220 billion borrowed in 2024, according to Databank Research.
This forecast translates to an average weekly borrowing of GH₵3.9 billion, compared to GH₵4.2 billion per week in the previous year.
In its 2025 Ghana Market Outlook report, Databank Research attributes the reduction in short-term borrowing to enhanced access to alternative funding sources and a strategic shift toward long-term securities.
This transition aligns with Ghana’s broader economic recovery strategy, supported by increased access to international financial markets. The move provides the government with greater flexibility to explore more sustainable financing options.
The adoption of long-term instruments is expected to gain full momentum after the first quarter of 2025, marking a significant step in reshaping the country’s debt management framework.
“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 GH₵200bn from the T-bill market in 2025, below our estimate of GH₵220bn in 2024, translating to an average weekly uptake of GH₵3.9bn versus GH₵4.2bn, 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.
