Ghana reaches final stage of external debt restructuring – Finance Ministry

Ghana has reached a major milestone in its economic recovery programme after successfully completing the exchange of the outstanding Savings and Development Economic Recovery Agreement (SADEREA) Notes, bringing the country to the final stage of its external debt restructuring process.

The Ministry of Finance announced that the exchange was settled on Monday, July 13, 2026, with a value date of July 10, 2026, describing it as the final outstanding component of Ghana's sovereign bonded debt restructuring.

According to the Ministry, the successful transaction marks a significant step towards restoring the country's debt sustainability and rebuilding investor confidence after years of fiscal challenges.

The 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 12.5% Senior Secured Amortising Bonds that were originally issued to finance capital expenditure in Ghana's health sector.

The Ministry disclosed that the bonds were initially issued at a value of US$253.2 million, with approximately US$117.8 million in principal still outstanding as of January 2026.

Their successful exchange effectively clears the final unresolved portion of Ghana's sovereign bond restructuring programme, which has formed a central pillar of the government's broader economic recovery agenda.

Officials say the completion of the exchange demonstrates Ghana's determination to restore macroeconomic stability through prudent fiscal management and responsible debt restructuring.

According to the Ministry, the development reinforces government's commitment to creating a sustainable debt profile while rebuilding confidence among both domestic and international investors.

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

The Ministry of Finance reiterated that government will continue implementing prudent debt management strategies and sound public financial management policies aimed at safeguarding the country's long-term economic stability.

Officials say these measures are expected to strengthen Ghana's fiscal position, improve access to international capital markets over time, and support sustainable economic growth.

The successful completion of the SADEREA Notes exchange comes after Ghana embarked on an extensive debt restructuring programme following years of rising public debt, constrained access to international financing, and macroeconomic pressures.

Government has consistently maintained that the restructuring programme is essential to restoring fiscal sustainability, supporting economic recovery, and creating the conditions for long-term growth.

With the completion of the latest exchange, Ghana is now significantly closer to concluding its external debt restructuring process, marking another important step in the country's ongoing economic reform agenda.