Treasury Borrows GHS 59.68 Billion from Domestic Market in Seven Weeks
The Government of Ghana has borrowed a total of GHS 59.68 billion from the domestic money market since assuming office this year.
This amount has been raised over a seven-week period through the issuance of 91-day, 182-day, and 365-day Treasury Bills, according to data from the Bank of Ghana.
The borrowing spree by the new Mahama-led administration began just three days after taking office, with the first auction on January 10, 2025, raising GHS 8.07 billion. This was followed by successive borrowings each week, accumulating to nearly GHS 60 billion by February 21, 2025.
Breakdown of Borrowing Activity
| Date | Amount |
| Jan 10 | 8.07 bn |
| Jan 17 | 8.83 bn |
| Jan 24 | 8.16 bn |
| Jan 31 | 7.99 bn |
| Feb 7 | 7.60 bn |
| Feb 14 | 9.43 bn |
| Feb 21 | 9.6. bn |
| Total | GHȼ59.68 bn |
The government’s consistent reliance on the short-term Treasury bill market suggests an aggressive approach to managing its financing needs early in its tenure.
Implications for the Economy
The increased domestic borrowing could have significant implications for Ghana’s economy. While Treasury bills provide a reliable funding source for the government, heavy reliance on short-term borrowing could lead to higher interest costs and potential crowding out of private sector credit.
Financial analysts will be closely watching how the government manages its borrowing strategy in the coming months, especially in the context of fiscal sustainability and debt management.
