The Minister of Finance Dr. Cassiel Ato Forson, has announced significant gains in Ghana’s fiscal management, highlighting a sharp decline in Treasury Bill (T-Bill) rates and a corresponding GHC4.9 billion savings on domestic interest payments in the first half of 2025.
Presenting the Mid-Year Budget Review in Parliament on Thursday, July 24, 2025, Dr. Forson attributed the progress 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% in December 2024 to 14.7% in June 2025,” he told Parliament. “Similar trends were observed across the 182-day and 364-day instruments.”
According to the minister:
- The 182-day T-Bill rate declined from 20.4% to 15.34%, a drop of 5.06 percentage points.
- The 364-day T-Bill saw a dramatic fall from 29.95% in December 2024 to 15.76% in June 2025, a reduction of 14.19 percentage points.
- The average lending rate across the banking sector also dropped from 30.3% to 24% over the same period.
He added that the Ghana Reference Rate, which serves as a benchmark for loan pricing, decreased from 28.31% in December 2024 to 24% by June 2025.
“These developments reflect renewed market confidence and effective debt management strategies,” Dr. Forson said, noting that the interest savings had freed up space for other government priorities.
The Finance Minister emphasised that the government remains committed to maintaining fiscal discipline while pursuing growth-friendly reforms.
Credit: CNR