Government is set to return to the domestic debt market on Friday, December 12, 2025, with an ambitious plan to raise GHC6.946 billion through the issuance of 91-day, 182-day, and 364-day Treasury bills—a figure 19.95 percent higher than the amount sought in the previous auction.
The move comes amid signs of improved borrowing capacity, following two consecutive weeks of oversubscription after a prolonged six-week period of undersubscription. The renewed interest from investors has boosted confidence in the government’s short-term debt instruments.
At the November 28, 2025 auction, investors tendered GHC5.782 billion against a target of GHC2.862 billion, resulting in a 101 percent oversubscription. Similarly, the December 4, 2025 auction, which targeted GHC5.805 billion, raised GHC5.782 billion, reflecting strong demand for Treasury bills.
The significantly higher target for the December 12 auction underscores government’s continued reliance on the domestic short-term debt market to meet its financing needs.
Market analysts attribute the recent positive shift in investor sentiment to a combination of factors, including policy rate cuts by the Bank of Ghana and investors’ growing preference for relatively high-yield, short-term, and low-risk instruments.
Barring any unexpected deterioration in market confidence, analysts believe government stands a strong chance of meeting—or coming close to—its GHC6.946 billion target, thereby extending the current trend of robust participation in Treasury bill auctions.
