Gov’t to Tap T-bills Market for Ghc200bn in 2025

Databank Research has reported that the government of Ghana is expected to borrow about Ghc200 billion from the Treasury bill market in 2025.

In its 2025 Ghana Market Outlook report, Databank Research hinted that government is projected to borrow less than the estimated Ghc220 billion in 2024 and attributes this decline in short-term borrowing to the government’s access to alternative funding sources and a strategic pivot toward long-term securities.

This new data highlights a reduction in an average weekly borrowing, from Ghc4.2 billion in the previous year to Ghc3.9 billion.

This shift aligns with Ghana’s broader economic recovery efforts and increased access to international financial markets, presenting the government with greater flexibility in exploring sustainable financing options.

“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”, part of the report highlighted.

“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,” Databank Research’s 2025 Ghana Market Outlook read.

By: Novire Kuuyizie Francis.