The government is projected to borrow approximately GH₵200 billion from the Treasury bill (T-bill) market in 2025, a decrease from the estimated GH₵220 billion borrowed in 2024, according to Databank Research.
This decline reflects a reduction in the weekly borrowing average, which is expected to drop to GH₵3.9 billion compared to GH₵4.2 billion in the previous year.
Databank Research’s 2025 Ghana Market Outlook report attributes the reduction in short-term borrowing to improved access to alternative funding sources, as well as a strategic shift towards long-term securities.
This change is part of Ghana’s broader efforts to stabilise its economy and gain greater access to international financial markets, allowing the government more flexibility in managing its financing needs.
The government’s pivot to long-term financing options is expected to take full effect after the first quarter of 2025.
Databank anticipates that the reduced demand for short-term borrowing will create room for the treasury to lower high T-bill yields.
The report forecasts that the government will borrow around GH₵200 billion in 2025, leading to an average weekly borrowing of GH₵3.9 billion, compared to GH₵4.2 billion in 2024.
As access to international funding improves and key macroeconomic indicators show signs of recovery, Ghana is likely to rely more on long-term financing options.
However, the transition will begin in earnest only after the first quarter of 2025, as the government continues to manage refinancing needs and outstanding debt from the latter half of 2024.
The shift is expected to provide the treasury with more favourable conditions for managing its fiscal demands.