Government begins Eurobond debts servicing

The government of Ghana has officially resumed payments on its Eurobond debts after successfully completing a debt exchange programme with bondholders.

The Ministry of Finance has made a total payment of $520 million, which includes a $120 million consent fee paid to bondholders who agreed to the terms of the exchange.

The debt service, which began last Friday, includes $320 million in coupon payments that were frozen due to the government’s debt service suspension in 2022.

Ghana managed to restructure $13 billion in Eurobond debt with a 98% participation rate from bondholders, allowing the resumption of payments.

Regular coupon payments will be made starting in January 2025, with the next one scheduled for July 2025.

The Bank of Ghana has assured that sufficient dollar reserves are in place to support these payments.

Additionally, Finance Minister Dr. Mohammed Amin Adam announced that a Sinking Fund is being established to manage the fiscal pressures of the repayments.

Meanwhile, Ghana will begin servicing debts to its bilateral creditors starting in 2026.

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