The government is projected to borrow around GH₵200 billion from the Treasury bill market in 2025, a decrease from the anticipated GH₵220 billion in 2024, as reported by Databank Research.
This forecast indicates 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 this reduction in short-term borrowing to enhanced access to alternative funding sources and a strategic shift towards long-term securities.
This transition is in line with Ghana’s broader economic recovery initiatives and improved access to international financial markets, providing the government with greater flexibility in pursuing sustainable financing options. The full impact of the shift to long-term instruments is expected to materialize after the first quarter of 2025.
“In 2025, we anticipate a significant decrease in the Treasury’s reliance on money market funding, influenced by better access to alternative funding sources and a strategic move towards long-term securities. We expect this substantial decline in demand to allow the treasury to reduce high T-bill yields.
“We estimate that the government will borrow approximately GH₵200 billion from the T-bill market in 2025, which is lower than our estimate of GH₵220 billion for 2024, resulting in an average weekly borrowing of GH₵3.9 billion compared to GH₵4.2 billion, respectively.
“With improved access to international funding and most macroeconomic indicators reflecting signs of sustained recovery, the government is likely to shift towards longer-term financing options. However, this transition is expected to take place after the first quarter of 2025, as the treasury’s refinancing needs may maintain a high demand for short-term funding while it manages maturities from significant borrowings in the second half of 2024,” a portion of Databank Research’s 2025 Ghana Market Outlook states.
