The Government of Ghana raised a total of GHS 44.25 billion from the domestic market through Treasury Bill auctions in January 2026.
This total loan amount reflects a strong start to the year for the government’s borrowing programme as it successfully exceeded its original target of GHS31.54 billion for the month.
Data from the Bank of Ghana shows that the Government borrowed about GHS12.71 billion, more than it had initially planned.
In the first week of January, under Tender 1989, the Government took GHS 9.08 billion despite a lower target of GHS7.56 billion.
This trend of over-borrowing continued into the second and third weeks, where the government accepted GHS10.06 billion and GHS12.80 billion, respectively.
The final auction of the month, Tender 1992, recorded the highest level of oversubscription.
While the government set out to borrow GH¢7 billion, it ended up accepting GH¢12.30 billion from investors.
For instance, the interest rate on the 91-day Bill dropped slightly to 11.06 percent by the end of the month, while the 364-day Bill ended at an average of 12.82 percent.
While the GHS44.25 billion raised helped the government to fund its projects and pay off maturing debts, it also increased the country’s total domestic debt stock.
The Bank of Ghana has indicated that government would continue its borrowing activities in February with an initial target of GHS4.98 billion for the first week.
GNA
Edited by Agnes Boye-Doe
2 Feb. 2026
