You said you will not borrow; What exactly have you been doing in the T.B. Market? – Zaato to NDC

In an Official Facebook Post published on 10 November 2026, political commentator Joshua Zaato questioned the government’s borrowing practices, challenging what he perceives as a contradiction between earlier political promises and current financial activities in the Treasury Bills market.

The comments come amid ongoing discussions about Ghana’s debt management strategy, government financing, and the role of domestic borrowing in supporting public expenditure. Treasury Bills, commonly referred to as T-Bills, remain one of the principal instruments governments use to raise short-term funds from investors, financial institutions, and the public.

Reacting to what he described as a disconnect between campaign rhetoric and governance reality, Zaato recalled assurances that suggested a different approach to public borrowing.

In the Facebook post, he wrote: “You said you won’t borrow. And we believed you. So, what exactly have you been doing in the Treasury Bills Market?”

The statement reflects a growing political debate over how borrowing should be defined and measured. While governments often distinguish between external borrowing, commercial loans, and domestic debt instruments such as Treasury Bills, critics frequently argue that borrowing remains borrowing regardless of the source.

Zaato’s remarks suggest that the government’s continued presence in the Treasury Bills market raises legitimate questions about the interpretation of earlier commitments made to the Ghanaian public. In his view, citizens deserve clarity regarding the extent to which domestic debt instruments fit within the broader narrative of reducing government borrowing.

The issue has become particularly significant because Treasury Bills play a critical role in Ghana’s financial system. They are regularly utilized by governments to finance short-term obligations, manage cash flow requirements, and support budget implementation. Consequently, debates often emerge over whether increased activity in the T-Bill market should be viewed as routine fiscal management or as evidence of continued borrowing.

Economic analysts note that governments around the world frequently rely on domestic debt markets even while pursuing policies aimed at reducing overall debt burdens. However, political opponents often scrutinize such activities when previous statements appear to suggest a departure from borrowing practices.

The comments by Zaato have therefore added to a broader national conversation about transparency in economic communication and the expectations citizens have regarding campaign promises and fiscal policy.

Supporters of the government may argue that Treasury Bill transactions are part of standard public financial management and should not necessarily be viewed in the same light as large-scale external borrowing. Critics, however, insist that ordinary citizens are more interested in the practical reality of debt accumulation than in technical distinctions between different financing instruments.

The Facebook post has generated discussion on social media, with some users sharing Zaato’s concerns and calling for further explanations regarding government debt management strategies. Others have argued that borrowing through Treasury Bills remains an accepted and necessary component of modern economic administration.

Political observers believe the debate is likely to continue, particularly as economic performance, debt sustainability, and public finance remain among the most important issues shaping public opinion. Questions surrounding how governments fund their operations often resonate strongly with citizens because of their potential impact on inflation, interest rates, investment, and overall economic stability.

For Joshua Zaato, however, the matter appears straightforward. If promises were made about avoiding borrowing, he argues, the public has a right to understand how those promises align with ongoing activities in the Treasury Bills market.

Source: Joshua Zaato, Official Facebook Post, 10 November 2026