According to Databank Research, the government will borrow about GH₵200 billion from the Treasury bill market in 2025, down from a projected GH₵220 billion in 2024.

The average weekly borrowing in this prediction is GH₵3.9 billion, which is less than the GH₵4.2 billion borrowed in the prior year.

According to Databank Research's 2025 Ghana Market Outlook research, a strategy shift toward long-term securities and easier access to other finance sources are to blame for the drop in short-term borrowing.

This change gives the government more freedom to investigate sustainable funding possibilities and is consistent with Ghana's larger economic recovery initiatives and improved access to global financial markets.

After the first quarter of 2025, it is expected that the shift to long-term instruments will fully take place. We anticipate that the Treasury's need for money market funding will significantly slow down in 2025 as a result of easier access to alternative funding sources and a deliberate shift toward long-term assets.

We anticipate that the Treasury will have some leeway to lower high T-bill yields due to the significant drop in demand. The government is expected to borrow roughly GHS200 billion from the T-bill market in 2025, which is less than the GHS220 billion we predicted for 2024. This translates to an average weekly uptake of GHS3.9 billion and GHS4.2 billion, respectively.

The administration may decide to switch to longer-term financing options when access to foreign money improves and the majority of macroeconomic indicators show indications of a durable recovery. While navigating maturities from strong uptake in 2H '24, the requirement for treasury refinancing may maintain demand for short-term borrowing high, thus this shift is anticipated to happen after 1Q '25, according to Databank Research's 2025 Ghana Market Outlook.