Interest rates for T-Bills have dropped
Ghana has saved GH¢4.9 billion in domestic interest payments following a steep fall in Treasury Bill rates during the first half of 2025.
Delivering the Mid-Year Budget Review in Parliament on Thursday, Dr Cassiel Ato Forson, Minister of Finance, attributed the gains to the government’s prudent “debt management strategy” and “improved investor confidence” in the domestic market.
“The 91-day T-Bill rate has reduced by 13.2 percentage points, from 27.7 percent in December 2024 to 14.7 percent in June 2025. Similar trends were observed across the 182-day and 364-day instruments,” he said.
According to Dr Forson, the 182-day T-Bill dropped by 5.06 percentage points, from 20.4 percent to 15.34 percent, while the 364-day T-Bill fell by 14.19 percentage points, from 29.95 percent in December to 15.76 percent in June.
He also reported that the average lending rate across the banking sector declined from 30.3 percent to 24 percent, and the Ghana Reference Rate — used to benchmark loan pricing — reduced from 28.31 percent to 24 percent within the period.
“These developments reflect renewed market confidence and effective debt management strategies,” he explained.
Dr Forson said the government remained committed to maintaining fiscal discipline and implementing growth-friendly reforms.
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