Ghana reaches final stage of debt restructuring after completing key bond exchange

Nii Ayitey Brown 15:06 - 13 July 2026

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Ato Forson

Ghana has reached the final stage of its external debt restructuring after successfully completing the exchange of its remaining SADEREA Notes. The Ministry of Finance says the milestone strengthens investor confidence and supports the country's economic recovery.

Ghana has reached the final stage of its external debt restructuring after successfully exchanging its remaining SADEREA Notes, the Ministry of Finance has announced.
The government says the move resolves the last outstanding component of Ghana's sovereign bonded debt restructuring and marks a major milestone in the country's economic recovery.
Officials believe the successful bond exchange will strengthen investor confidence, improve debt sustainability and support long-term macroeconomic stability.

Ghana has reached the final stage of its external debt restructuring after successfully completing the exchange of its remaining SADEREA Notes, which brings the country closer to restoring financial stability and rebuilding investor confidence.

The Ministry of Finance announced on Monday that the bond exchange was completed on July 13, 2026, with a value date of July 10, 2026, noting that it was the last outstanding piece of Ghana's sovereign bond restructuring.

According to the ministry, the successful exchange of the SADEREA Notes means Ghana has now resolved the final outstanding component of its external commercial debt restructuring.

"This exchange brings Ghana to the final stage of its external debt restructuring, marking a major milestone in the country's economic recovery and resolving the last outstanding component of its sovereign bonded debt restructuring," the Ministry said in a statement.

The SADEREA Notes are bonds that were originally issued to raise money for capital projects in Ghana's health sector, including healthcare infrastructure.

The original bond issuance was worth US$253.2 million, but by January 2026, about US$117.8 million remained unpaid.

The government has now completed an agreement with bondholders to exchange those remaining bonds for new ones under revised repayment terms.

The Ministry believes completing the SADEREA exchange will strengthen confidence in Ghana's economy and improve the country's reputation in international financial markets.

"The completion of this exchange underscores Government's commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability," the statement added.

The Ministry said it will continue to pursue prudent borrowing, responsible debt management and sound public financial policies aimed at supporting long-term economic growth and stability.

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