Ghana has moved closer to completing its external debt restructuring programme after successfully exchanging the outstanding Savings and Development Economic Recovery Agreement (SADEREA) Notes, the Ministry of Finance has announced.
This means that Ghana has now settled the final outstanding component of its sovereign bonded debt restructuring, bringing the country significantly closer to completing its comprehensive external debt restructuring programme.
The ministry said the exchange was settled on Monday, July 13, 2026, with a value date of July 10, 2026, marking the final outstanding component of Ghana’s sovereign bonded debt restructuring.
A press statement issued by the ministry yesterday said: "The development marks a significant milestone in Ghana’s economic recovery efforts, and brings the country closer to concluding its comprehensive external debt restructuring programme".
SADEREA Notes
The SADEREA Notes refer to the outstanding senior secured amortising bonds issued by Ghana, which were exchanged as part of the country's recent external debt restructuring programme.
The SADEREA Notes comprise 12.5 per cent Senior Secured Amortising Bonds that were originally issued to finance capital expenditure in Ghana’s health sector.
Of the original $253.2 million issued, approximately $117.8 million in principal remained outstanding as of January this year.
Govt's commitment
The ministry, in the statement, said the successful exchange reinforced the government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability.
Officials described the completion of the transaction as another important step in Ghana’s efforts to rebuild economic resilience following the debt restructuring process which had sought to place the country’s public finances on a more sustainable footing.
The ministry reaffirmed its commitment to prudent debt management, sound public financial management and the continued implementation of policies aimed at safeguarding Ghana’s long-term macroeconomic stability.
Background
Just a week earlier, the Ministry of Finance announced that it had fully settled its Eurobond obligation of $700 million for this year ahead of schedule.
The payment consisted of $525.2 million in principal repayments and $174.8 million in interest payments.
With that latest payment, Ghana had paid a total of $2.1 billion to Eurobond holders since January last year, in accordance with the terms of the Eurobond Debt Exchange Programme, part of the country's debt treatment programme.
The payment was made through the government’s planned financing arrangements without undue pressure on the country’s foreign exchange reserves.
The settlement reduced Ghana’s outstanding Eurobond debt, touted as strengthening investor confidence, and demonstrating the government’s commitment to prudent debt management and macroeconomic stability.
The Minister of Finance, Dr Cassiel Ato Forson, then gave an assurance that the ministry would continue to implement sound public financial management practices to ensure the timely servicing of Ghana’s debt obligations.
The minister of finance expressed its gratitude to the people of Ghana for their continued patience, support and confidence.
