Ghana Completes Final Phase of External Debt Restructuring

The Ministry of Finance of Ghana completed the final stage of its external debt restructuring on July 13, 2026. The process involved the exchange of bonds issued via Saderea Designated Activity Company, which were originally released in 2014 to fund the national health sector.

Under the terms of the agreement, bondholders exchanged $253.2 million in original bonds for $155 million in new securities. These new instruments consist of 1.5% amortising notes due in 2037 and step-up coupon amortising notes due in 2035. The swap became binding after creditors representing more than two-thirds of the outstanding bonds accepted the terms.

This restructuring follows a 2022 debt default triggered by inflation, rising global interest rates, and economic mismanagement. The transaction is part of a broader economic reform program supported by the International Monetary Fund to restore macroeconomic stability. According to the ministry, the completion of the exchange supports efforts to restore debt sustainability, strengthen investor confidence and maintain macroeconomic stability.