Finance Minister Dr. Cassiel Ato Forson says Ghana has saved a substantial GH¢4.9 billion in domestic interest payments in the first half of 2025, thanks to a dramatic decline in Treasury Bill rates driven by improved investor confidence and a disciplined debt strategy.
Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson credited the savings to “government’s prudent debt management strategy” and “renewed 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 announced.
According to the Minister, the 182-day Treasury Bill rate declined from 20.4 percent to 15.34 percent — a drop of 5.06 percentage points — while the 364-day rate fell sharply from 29.95 percent to 15.76 percent, representing a 14.19 percentage point decrease.
“These developments reflect renewed market confidence and effective debt management strategies,” Dr. Forson said, noting that the fiscal turnaround was not just technical, but real and measurable.
He added that the Ghana Reference Rate, which guides lending across commercial banks, fell from 28.31 percent to 24 percent, while average lending rates across the banking sector eased from 30.3 percent to 24 percent — a significant relief for borrowers and businesses.
Dr. Forson reaffirmed the Mahama administration’s commitment to sustaining this momentum through responsible fiscal policy, economic reforms, and targeted investments that promote growth without compromising macroeconomic stability.
