BY ISSAH OLEGOR
Ghana is facing Eurobond repayments totalling about US$6.4 billion, including interest, between 2027 and 2030, placing the country among several African economies confronting significant external debt refinancing pressures, the World Bank has revealed.
The disclosure is contained in the World Bank’s October 2026 Africa Economic Update, which highlights the growing concentration of sovereign Eurobond maturities across Sub-Saharan Africa and the potential implications for public finances.
South Africa has the largest repayment burden over the period, with about US$11.8 billion in maturities. Ghana and Nigeria follow with US$6.4 billion each, while Angola has approximately US$3.9 billion in obligations.
Kenya, with US$3.2 billion, Côte d’Ivoire with US$2.8 billion, and Zambia with US$2.2 billion, make up the next group of countries facing substantial Eurobond maturities.
The World Bank noted that redemption pressures were particularly concentrated in 2024, when Côte d’Ivoire, Ethiopia, Kenya, Senegal and Zambia collectively faced approximately US$6.4 billion in maturing obligations.
Liability management operations undertaken by Angola, Kenya and Côte d’Ivoire have since reduced the concentration of maturities in 2028 to about US$5.5 billion. However, refinancing pressures remain significant, with approximately US$7.5 billion falling due in 2029 and US$6.6 billion in 2027.
Ghana’s Debt Exchange
The World Bank said most African sovereigns have responded to maturing Eurobonds primarily through refinancing, rather than relying solely on fiscal resources to repay the obligations or pursuing outright restructuring.
Kenya, for instance, rolled over its US$2 billion Eurobond that matured in 2024 through a new US$1.5 billion issuance at a yield of 10.4%, supplemented by budgetary resources. The move extended the country’s repayment schedule but increased future debt-service costs compared with the original 6.9% coupon.
Ghana, meanwhile, dealt with its Eurobond obligations through the debt exchange completed in October 2024, under which defaulted bonds were converted into restructured instruments.
The report also highlighted Zambia’s liability management operation, through which the country bought back and permanently cancelled US$1.36 billion of outstanding Fixed-Rate Step-Up Amortising Notes due in 2053.
Ethiopia’s US$1 billion debut Eurobond, which matured in December 2024 after the country defaulted in late 2023, was also restructured following an Agreement in Principle reached with private bondholders on June 29, 2026.
US$43.6bn Maturities Across Africa
Overall, the World Bank estimates that US$43.6 billion in sovereign Eurobond principal is scheduled to mature between 2024 and 2030 across 13 Sub-Saharan African countries, after accounting for buybacks and liability management operations completed through August 2026.
