Ghana has announced the successful restructuring of more than 90 percent of its external debt since launching its debt restructuring process in December 2022. Finance Minister Mohammed Amin Adam shared the update during a monthly briefing on Thursday, where he also confirmed the completion of the Eurobond debt exchange and consent solicitation process.
The minister reported that by the final deadline at the end of September, 98 percent of bondholders—representing the principal amount of the existing bonds—had agreed to participate in the exchange offer launched earlier in September.
‘I am delighted to announce that we have achieved overwhelming success,’ Adam stated. ‘We obtained more than 98 percent consent from bondholders, which far exceeds the initial 65 percent threshold required after the launch of the exchange offer.’
As part of this successful debt restructuring, Ghana will now exchange $13bn in Eurobonds for new bonds in the coming weeks. According to the finance minister, this move ‘cures Ghana’s default on international bonds’ and sets the stage for normalised relationships with international credit rating agencies and financial markets.
‘This achievement means that Ghana has now successfully restructured over 90 percent of its eligible external debt, marking a significant milestone in our economic recovery,’ Adam added.
The completion of this restructuring marks a pivotal step for Ghana as it seeks to rebuild financial stability, restore investor confidence, and pave the way for renewed economic growth.
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