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.

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

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.

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.

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.

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

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.