By Zobia Zulfqar 
Ghana has moved closer to completing its external debt restructuring programme after successfully exchanging the remaining SADEREA Notes, the Ministry of Finance has announced.
According to the Ministry, the latest transaction completes the final outstanding part of Ghana’s sovereign bond debt restructuring, marking another major step in the country’s economic recovery following its debt default in 2022.
In a statement issued on Monday, July 13, 2026, the Ministry said the bond exchange was officially settled on July 13, with a value date of July 10, 2026.
The Ministry explained that the SADEREA Notes were 12.5 percent Senior Secured Amortising Bonds issued in 2014 through Saderea Designated Activity Company to finance capital projects in Ghana’s health sector.
The original bond issue was valued at approximately US$253.2 million. By January 2026, about US$117.8 million in principal remained outstanding.
Under the restructuring agreement, investors exchanged their existing SADEREA Notes for newly issued Government of Ghana securities.
The replacement securities include Step-Up Coupon Amortising Notes due in 2035 and 1.5 percent Amortising Notes due in 2037.
The Ministry said the exchange received strong support from creditors, with holders representing more than two-thirds of the outstanding bonds accepting the new terms.
That level of participation met the legal threshold required to make the agreement binding on all remaining bondholders, allowing the transaction to proceed successfully.
According to the Ministry of Finance, the completion of the exchange represents the final phase of Ghana’s external debt restructuring programme.
Officials noted that the latest transaction follows the successful completion of Ghana’s Eurobond debt exchange in 2024, which formed a major part of the country’s broader debt restructuring efforts.
Ghana began restructuring its external debt after facing severe financial challenges that led to a sovereign debt default in 2022. The government has since worked with international creditors to reduce debt pressures and restore long-term fiscal stability.
The restructuring programme has been an important part of Ghana’s economic recovery strategy, alongside reforms aimed at improving public finances and restoring investor confidence.
Finance Ministry officials believe completing the remaining debt exchange will strengthen Ghana’s financial position by providing greater certainty for investors and reducing future debt servicing pressures.
The Ministry said the successful conclusion of the process demonstrates the government’s commitment to meeting its obligations while implementing measures to improve the country’s economic outlook.
Economic analysts have noted that completing the external debt restructuring could improve Ghana’s standing in international financial markets and support future access to financing.
The restructuring is also expected to create more room for government spending on key sectors by easing pressure on public debt repayments over the coming years.
Although the external debt restructuring is nearing completion, the government says it will continue implementing broader fiscal reforms aimed at strengthening economic growth, maintaining debt sustainability and improving public financial management.
The Ministry of Finance expressed confidence that the successful completion of the final bond exchange marks an important milestone in Ghana’s recovery efforts and signals continued progress toward restoring macroeconomic stability.
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