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The government is projected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, marking a decline from the estimated GH₵220 billion borrowed in 2024, according to Databank Research. This reduction represents an average weekly borrowing of GH₵3.9 billion, compared to GH₵4.2 billion in the previous year.
Databank Research, in its 2025 Ghana Market Outlook report, attributes this decrease to improved access to alternative funding sources and a deliberate shift toward long-term securities. This strategic move is part of Ghana’s broader economic recovery efforts and is supported by increased access to international financial markets.
The report highlights that this transition will provide the government with greater flexibility to explore sustainable financing options. However, the shift to long-term instruments is expected 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,” the report stated.
The report further elaborated, “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.”
This strategic approach underscores Ghana’s commitment to balancing short-term needs with long-term financial sustainability as the economy continues to recover.
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