Case against treasury bill issuance by government adjourned indefinitely

The Supreme Court of Ghana has indefinitely postponed a legal challenge filed by private legal practitioner Jonathan Amable, who seeks to halt the government's issuance of Treasury Bills.

During the February 25, 2025 proceedings, the Attorney General’s Department requested additional time to prepare and submit its response to the case.

Basis of the Legal Challenge

Mr. Amable’s case argues that the government must obtain prior approval from Parliament before issuing Treasury Bills. His application, initially filed at the Supreme Court Registry on November 11, 2024, is based on legal provisions he believes regulate government borrowing.

The suit includes a Motion for Interlocutory Injunction, which seeks to prevent the government and its agencies—such as the Ministry of Finance and the Bank of Ghana—from engaging in Treasury Bill transactions until the case is fully resolved.

Legal Standpoint

The application names the Attorney General as the defendant and contends that the government’s current borrowing approach does not align with the statutory framework established by the Financial Administration Act and the Bank of Ghana Amendment Act. The plaintiff insists that parliamentary approval is a necessary step, given that these borrowings impose repayment obligations on the state.

Possible Implications

The government has outlined plans to raise approximately 78 billion cedis in Treasury Bill borrowings for 2024, as indicated in the official Treasury Bills Calendar. It remains uncertain how this legal challenge may affect the government’s financial strategy, including its goal of securing 10.8 billion cedis in the final quarter of the year.

Treasury Bills have historically been a key financing tool for the government, making this legal battle one with potentially significant fiscal consequences.