Ghana Completes Final External Debt Swap, Closing Chapter on Bond Restructuring
Ghana has moved to the final stage of its external debt restructuring programme after successfully exchanging the remaining outstanding SADEREA Notes, marking what the Ministry of Finance describes as the completion of the country’s sovereign bonded debt restructuring.
In a statement issued on Monday, the Ministry said the exchange was settled on July 13, 2026, with a value date of July 10, bringing to a close the last outstanding component of Ghana’s external commercial debt restructuring.
The development represents another milestone in the country’s efforts to restore debt sustainability following years of fiscal pressures and extensive negotiations with both domestic and external creditors.
According to the Ministry, the SADEREA Notes originated from a US$253.2 million issuance of 12.5 percent Senior Secured Amortising Bonds used to finance capital expenditure within Ghana’s health sector.
By January 2026, the outstanding principal on the notes had fallen to approximately US$117.8 million, paving the way for the final exchange.
The Ministry said completing the transaction reinforces government’s commitment to restoring debt sustainability, strengthening investor confidence and maintaining macroeconomic stability.
“The completion of this exchange underscores Government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability,” the statement said.
The Ministry added that government remains focused on prudent debt management and sound public financial management as part of broader efforts to safeguard long-term economic stability.
The latest announcement comes as Ghana continues to implement economic reforms under its International Monetary Fund-supported programme aimed at rebuilding fiscal buffers, restoring investor confidence and returning the economy to sustainable growth.
With the external bond restructuring now effectively concluded, attention is expected to shift toward sustaining fiscal discipline, improving revenue mobilisation and accelerating economic growth to prevent a recurrence of the debt challenges that prompted the restructuring exercise.
