The Government of Ghana raised a total of GH₵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 GH₵31.54 billion for the month.
Data from the Bank of Ghana shows that the Government borrowed about GH₵12.71 billion, more than it had initially planned.
In the first week of January, under Tender 1989, the Government took GH₵9.08 billion despite a lower target of GH₵7.56 billion.
This trend of over-borrowing continued into the second and third weeks, where the government accepted GH₵10.06 billion and GH₵12.80 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% by the end of the month, while the 364-day Bill ended at an average of 12.82%.
While the GH₵44.25 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 GH₵4.98 billion for the first week.
