Government of Ghana nears completion of External Debt Restructuring with SADEREA Notes Exchange
ACCRA, July 13, 2026 —
The Ministry of Finance has announced that Ghana has completed the exchange of its outstanding SADEREA Notes, marking what officials describe as the final stage of the country’s external debt restructuring process.
In a press release issued on Monday, the Ministry confirmed that the settlement of the 12.5% Senior Secured Amortising Bonds was concluded on July 13, 2026, with a value date of July 10, 2026. The bonds were originally issued to finance capital expenditure in Ghana’s health sector.
According to the Ministry, the completion of the SADEREA Notes exchange resolves the last outstanding component of Ghana’s sovereign bonded debt restructuring. It brings the government closer to fully restoring debt sustainability and macroeconomic stability after years of fiscal adjustment.
Of the original US$253.2 million issuance, approximately US$117.8 million in principal remained outstanding as of January 2026. The successful exchange, the Ministry noted, underscores the government’s commitment to meeting its obligations while creating fiscal space for development priorities.
“The completion of this exchange underscores the government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability,” the Ministry of Finance stated.
The announcement comes as Ghana continues to implement reforms under its IMF-supported program. Finance officials have emphasized that prudent debt management and sound public financial management remain central to the government’s economic recovery agenda.
The SADEREA Notes were a key part of the country’s external liabilities following the debt distress that prompted Ghana to seek international support in 2022. Their restructuring was seen as critical to normalizing relations with international creditors and improving the country’s credit profile.
Analysts say concluding this final tranche could help boost investor sentiment and pave the way for renewed access to international capital markets. It also signals to rating agencies and development partners that Ghana is making measurable progress in addressing its debt challenges.
The Ministry reiterated that it remains committed to policies that safeguard long-term macroeconomic stability, including tighter expenditure controls, improved revenue mobilization, and transparent debt reporting.
“The Ministry of Finance remains committed to prudent debt management, sound public financial management, and the implementation of policies that safeguard long-term macroeconomic stability,” the release added.
With the SADEREA Notes now exchanged, government officials say attention will shift to sustaining growth, protecting social spending, and ensuring that debt service remains within manageable levels going forward.
The press release was issued by the Public Relations Unit of the Ministry of Finance.
Read the full statement below:
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