Government plans to raise GH¢75.7 billion through the treasury market (T-bills) in the final quarter of 2025, according to the latest issuance calendar released by the Ministry of Finance.
Out of the total amount, GH¢8.12 billion represents fresh borrowing, while the remaining GH¢67 billion will go toward rolling over maturing debts.
The 91-day Treasury bill is expected to provide the bulk of the funds, maintaining its dominance in the short-term securities market.
However, the most recent auction reflected subdued investor sentiment, clearing 55.5% below the government’s GH¢6.58 billion target.
Investors submitted bids totalling GH¢2.93 billion, of which GH¢2.89 billion was accepted.
A marginal GH¢36.46 million worth of bids was rejected by the Treasury.
Yields edged slightly upward across all maturities, with the 91-day bill rising to 10.70% (+17 basis points), the 182-day bill to 12.44% (+13 basis points), and the 364-day bill to 12.92% (+6 basis points).
According to Databank Research, the modest increase in yields reflects efforts by the government to reprice instruments and attract higher investor participation.
“The modest rise in yields reflects repricing considerations to attract demand. This is expected to improve investor interest without compromising the Treasury’s cash management strategy,” Databank noted in its latest commentary.
The research firm added that yields are likely to remain broadly stable in upcoming auctions, with a slight upward bias on short-term maturities due to tight market liquidity.
Meanwhile, the Treasury has announced plans to raise GH¢6.82 billion from the sale of 91-day, 182-day, and 364-day bills in the next auction to refinance GH¢6.65 billion in maturing securities.
The government’s heavy reliance on short-term borrowing instruments continues to highlight both investor caution and the limited appetite for long-term debt, even as fiscal pressures persist in the final months of the year.
