The government is set to borrow GH¢6.68 billion through the issuance of 91-day, 182-day, and 364-day Treasury bills tomorrow, May 16, 2025.

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The money is said to be used to cover a growing debt of GH¢6.44 billion.

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Despite the cedi's impressive performance against the dollar in the past days, the government has failed to meet its treasury bills target for two consecutive weeks.

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The Bank of Ghana reported that the Treasury recorded a marginal undersubscription in the T-bills auction held on May 9 due to declining investor interest and falling interest rates.

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The 91-day and 182-day bills eased 7.0 basis points each to 15.16% and 15.70%, respectively, while the 364-day fell 15 basis points to 16.80% week-on-week.

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Analysts believe the Treasury’s full acceptance of bids reflects alignment with market appetite rather than heightened borrowing urgency.

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As of May 2025, Ghana's total public debt stands at GH₵620 billion, with a debt-to-GDP ratio of 82%, reflecting the country's heavy borrowing burden, which has necessitated the government's reliance on treasury bills (T-bills) to meet short-term financing needs.

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