Ghana to borrow GH₵200bn from Treasury Bill market in 2025

According to the 2025 Ghana Market Outlook report by Databank Research, the government is set to borrow approximately GH₵200 billion from the Treasury bill market in 2025, a decrease from the estimated GH₵220 billion in 2024.

This reduction signifies an average weekly borrowing of GH₵3.9 billion, compared to GH₵4.2 billion the previous year.

The research attributes this decline in short-term borrowing to improved access to alternative funding sources, alongside a strategic shift towards long-term securities, which aligns with Ghana’s broader economic recovery efforts.

Enhanced access to international financial markets is expected to provide the government with greater flexibility in sustainable financing options.

The transition to long-term instruments is anticipated to fully materialize following the first quarter of 2025.

Databank's report notes that while there will be a notable moderation in the Treasury's demand for money market funding, the government may still have elevated demand for short-term funding to navigate maturing debts stemming from substantial borrowing in the second half of 2024.

With positive signs emerging from various macroeconomic indicators and greater access to international funding, the government is likely to pivot towards longer-term financing solutions, although this change will primarily begin post-Q1 2025.

Story by: Joshua Kwabena Smith