The government is projected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, a decrease from an estimated GH₵220 billion in 2024, according to Databank Research.
This forecast reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion the previous year.
In its 2025 Ghana Market Outlook report, Databank Research attributes the decline to enhanced access to alternative funding sources and a strategic focus on long-term securities. This approach aligns with Ghana's broader economic recovery initiatives and improved access to international financial markets, providing the government greater flexibility to pursue sustainable financing options.
The report anticipates that the transition to long-term instruments will 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.
“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,” the report stated.
This strategic shift highlights Ghana's ongoing efforts to strengthen its economic framework and reduce dependence on short-term borrowing.