Ghana plans to reduce treasury bill borrowing to GH¢200 billion in 2025, pivoting to long-term financing as macroeconomic recovery improves
Government plans to borrow GH¢200 billion from the treasury bill market in 2025, marking a GH¢20 billion reduction from the estimated GH¢220 billion borrowed in 2024. This adjustment translates to an average weekly borrowing of GH¢3.9 billion, down from GH¢4.2 billion in the previous year.
According to Databank Research, the government is expected to gradually pivot towards long-term financing as macroeconomic recovery gains traction and access to international funding improves. However, this shift is likely to commence only after Q1 2025, due to the need to address treasury refinancing obligations and maturities stemming from substantial borrowings in the latter half of 2024.
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The fixed-income market is projected to rebound strongly by mid-2025. Key drivers of this recovery include easing inflation and monetary policy measures aimed at reducing treasury bill yields. Although inflationary pressures are expected to subside, a more dovish monetary policy stance is anticipated as investors may initially delay responding to the resulting yield compression.
Databank Research highlighted that policy actions to reduce sovereign borrowing costs recorded at 27% in November 2024, will be instrumental in achieving lower yields and restoring confidence in the market.
The government has indicated plans to decrease reliance on money market funding in favor of issuing longer-dated securities. Enhanced access to alternative financing sources is expected to ease the demand for treasury bill funding, allowing for significant reductions in high yields.
“With a strategic pivot towards long-term securities and a declining demand for money market funding, the Treasury is expected to create room to lower yields significantly,” Databank stated.
These developments signal a strategic realignment of the government’s borrowing strategy. By balancing short-term funding needs with sustainable long-term financing options, Ghana aims to strengthen its fiscal position, reduce borrowing costs, and foster broader financial market stability and investor confidence across sectors.
Source: Accra Street Journal
Last Updated on March 9, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
