Ghana reaches final stage of external debt restructuring after SADEREA notes exchange

The John Dramani Mahama government says it has reached the final stage of its external debt restructuring after completing the exchange of the remaining SADEREA Notes.

In a statement issued on Monday, July 13, the Ministry of Finance said the exchange was settled on July 13, with a value date of July 10, describing it as a major step in Ghana’s efforts to restore debt sustainability.

According to the Ministry, the transaction “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 bond debt restructuring.”

The SADEREA Notes relate to 12.5% Senior Secured Amortising Bonds that were issued to finance capital expenditure in Ghana’s health sector.

The Finance Ministry disclosed that while the original bond issuance stood at US$253.2 million, about US$117.8 million in principal remained outstanding as of January 2026 before the latest exchange was completed.

It said concluding the exchange demonstrates government’s resolve to complete the country’s debt restructuring programme and rebuild confidence among investors.

“The completion of this exchange underscores Government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability,” the statement said.

The latest development effectively resolves the final outstanding component of Ghana’s sovereign bonded debt restructuring, bringing to a close another key phase of the country’s debt treatment process.

The Ministry of Finance said it will continue to pursue responsible debt policies to support economic recovery.