The Government of Ghana will borrow GH¢75.700 billion via the treasury market in the final quarter of 2025.

Out of this, GH¢8.12 billion will be fresh funds.

About GH¢67 billion will be used to rollover maturing funds.

The majority of the funds will come from the 91-day treasury bills, which continue to dominate the short-term securities market.

Meanwhile, the latest Treasury bill auction underscored soft market sentiment, clearing 55.51% below the GH¢6.58 billion target.

Investors tendered a modest GH¢2.93 billion in bids, of which GH¢2.89 billion was accepted, leaving a marginal GH¢36.46 million rejected by the Treasury.

The yield curve exhibited a mild steepening as short-term rates adjusted upward with the 91-day bill advancing to 10.70% (+17 basis points), the 182-day to 12.44% (+13 basis points), and the 364-day to 12.92% (+6 basis points).

“We believe 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 Research said.

“In the upcoming auction, we expect yields to remain broadly stable, with a slight upward bias at the short end given the persistent tight liquidity recorded”, it added.

Meanwhile, the Treasury plans to raise GH¢6.82 billion through the issuance of the 91-day, 182-day, and 364-day bills to cover GH¢6.65 billion in maturing bills.