Gov’t to borrow GH¢3.36 billion from T-bills auction

The Ghanaian government is planning to raise GH¢3.36 billion from the treasury market on Wednesday, July 3, 2025. The funds will be raised through the sale of 91-day, 182-day, and 364-day Treasury bills. A large portion of this amount, about GH¢2.24 billion will go toward settling existing debts that are coming due.

This auction is part of the government’s ongoing efforts to manage its finances and keep up with repayment obligations. Recent trends, however suggest it might not be smooth sailing. For five weeks in a row, Treasury auctions have come up short of expectations. Just last week, for example, the government was hoping to raise GH¢3.38 billion but only managed to secure GH¢3.34 billion. Meanwhile, the actual amount needed to roll over maturing bills was higher about GH¢3.72 billion.

Despite the shortfalls, interest rates on the T-bills have remained fairly steady. The 91-day and 182-day bills are currently yielding 14.69% and 15.25%, respectively. The 364-day bill saw a minor dip, slipping by just 0.03 percentage points to 15.66%.

Market watchers say demand for the shorter-term 91-day bill remains solid. There’s been a close match between how much investors are offering and what the government is willing to accept, with the upper limit of accepted bids nudging up slightly to 15.10%.
With inflation easing and talks of a potential reopening of the bond market, many are keeping a close eye on how the market evolves in the coming weeks.