By Sandra Biney
The Government of Ghana, has moved closer to completing its external debt restructuring programme following the successful exchange of the outstanding SADEREA Notes, a development the Ministry of Finance says marks a major milestone in the country’s economic recovery efforts.
The Ministry announced in a statement issued on Monday, July 13, 2026, that the exchange of the outstanding SADEREA Notes was successfully settled on July 13, 2026, with a value date of July 10, 2026.
According to the Ministry, the transaction brings Ghana to the final stage of its external debt restructuring process by resolving the last remaining component of the country’s sovereign bonded debt restructuring.
The Ministry described the successful exchange as an important step towards restoring confidence in Ghana’s economy following years of fiscal challenges and debt distress.
It noted that completing the exercise demonstrates the government’s continued commitment to honouring its restructuring obligations while pursuing measures to restore long-term debt sustainability.
The statement explained that the SADEREA Notes comprise 12.5 per cent Senior Secured Amortizing Bonds that were originally issued to finance capital expenditure in Ghana’s health sector.
According to the Ministry, the original issuance amounted to approximately US$253.2 million.
However, as of January 2026, about US$117.8 million in principal remained outstanding before the completion of the exchange.
The Ministry said the successful completion of the exchange reinforces the government’s determination to strengthen investor confidence, improve Ghana’s creditworthiness, and maintain macroeconomic stability.
It added that resolving the final outstanding component of the sovereign bond restructuring is expected to support the country’s broader economic recovery agenda and enhance its engagement with international investors and development partners.
The Ministry further reaffirmed its commitment to prudent debt management practices, responsible public financial management, and the implementation of sound economic policies that will safeguard Ghana’s long-term macroeconomic stability.
Government has over the past few years undertaken both domestic and external debt restructuring as part of broader economic reforms aimed at restoring fiscal discipline, reducing debt vulnerabilities, and creating conditions for sustainable economic growth.