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The government of Ghana is projected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, marking a reduction from an estimated GH₵220 billion in 2024, according to Databank Research’s 2025 Ghana Market Outlook report.
This decrease represents an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in 2024, reflecting the government’s strategic shift toward more sustainable financing options and a gradual pivot to long-term securities.
Databank Research attributes this reduction to improved access to international financial markets and alternative funding sources, a development that aligns with Ghana’s broader economic recovery strategy.
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The report suggests that the government’s transition to long-term instruments is expected to gain momentum 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,” the report stated. It further noted that this shift could provide the government with an opportunity to reduce high Treasury bill yields, thereby easing borrowing costs.
However, the report highlighted that demand for short-term funding may remain elevated during the early months of 2025 as the government navigates maturities from the significant borrowing in the second half of 2024.
The projected shift toward long-term financing instruments is expected to enhance the government’s fiscal stability, allowing greater flexibility in managing public debt and securing sustainable funding options.
This development comes as Ghana continues to show signs of economic recovery, with improving macroeconomic indicators and growing access to global financial markets signalling renewed investor confidence.
