Government is poised to return to the domestic market on Friday, December 12, 2025 with a significant fundraising target, aiming to raise GHC6.946 billion, 19.95 per cent higher than previous target, across the 91-day, 182-day, and 364-day Treasury bills.
This comes as government’s borrowing capacity appears to have strengthened, following two consecutive weeks of oversubscription after a six-week undersubscription streak.
The renewed investor confidence has been a notable feature in recent auctions.
The November 28, 2025 auction, for instance, saw an impressive 101 percent oversubscription, as investors tendered GHC5.782 billion against a modest target of GHC2.862 billion.
Similarly, the December 4, 2025 auction, which sought GHC5.805 billion, successfully raised GHC5.782 billion, indicating a strong appetite for short-term government debt.
The December 12, 2025 auction target of GHC6.946 billion, 19.95 percent higher than the amount sought in the preceding week, signaling government’s persistent need for domestic financing.
However, market analysts suggest that the recent shift in investor sentiment—driven in part by the Bank of Ghana’s policy rate cuts and a search for relatively high-yield, short-term, safe assets—bodes well for the auction’s success.
Barring any unexpected disruption in market confidence, government has a strong chance of meeting or getting very close to its ambitious GHC6.946 billion target, continuing its trend of heavy reliance on the short-term domestic debt market.
By Eben Agyekum-Boateng, 3Business
