The Government of Ghana raised a total of GHS20.48 billion from the domestic money market in April 2026 through a series of Treasury bill auctions, reflecting sustained reliance on short-term borrowing to finance public spending.

According to data from the Bank of Ghana, the funds were mobilised through five separate auctions held on April 2, 10, 17, 24 and 30. These auctions covered the 91-day, 182-day and 364-day Treasury bill instruments, with investor participation remaining generally strong throughout the month.

The government began the month by raising GHS2.95 billion at the April 2 auction, after accepting most of the bids submitted by investors. Borrowing increased significantly in the next auction on April 10, where GHS5.11 billion was secured.

Subsequent auctions continued to attract steady demand. On April 17, the government raised GHS4.09 billion, followed by GHS3.90 billion on April 24. The final auction of the month, held on April 30, brought in GHS4.43 billion. Altogether, these results pushed total borrowing for April to GHS20.48 billion.

A notable trend during the period was the strong preference for short-term instruments, particularly the 91-day Treasury bill, which accounted for the largest share of funds raised. This suggests that investors remain more comfortable with shorter maturities, likely due to uncertainty about future interest rates and economic conditions.

The continued demand for Treasury bills highlights the important role of the domestic market in supporting government financing needs. At the same time, it reflects investor confidence in short-term government securities, even as broader market conditions remain cautious.