Ghana completes final stage of external debt restructuring

Ghana’s Ministry of Finance announced that the exchange of the remaining SADEREA Notes was settled on 13 July 2026 (value date 10 July 2026), eliminating the last outstanding component of the country’s sovereign bonded debt restructuring programme. The notes, originally issued as 12.5 % senior secured amortising bonds to fund health‑sector projects, had a total issue size of US$253.2 million, of which about US$117.8 million remained unpaid in January 2026.

The government says the completion of the exchange strengthens investor confidence, improves debt‑sustainability metrics and supports long‑term macro‑economic stability. The Bank of Ghana cautioned that the final stages of the restructuring could create short‑term pressure on external payments and exchange‑rate stability, urging higher domestic savings and robust foreign‑exchange reserves. Fiscal data released in the May 2026 Monetary Policy Report showed a modest surplus for the first quarter of 2026, reflecting stronger revenue collection and disciplined fiscal management.

Overall, the milestone marks a pivotal step in Ghana’s broader economic recovery effort, signalling the country’s commitment to prudent debt management and the restoration of confidence among international creditors and investors.