BY Daniel Bampoe
The Government of Ghana has disbursed US$300 million today, July 3, 2025, to service its Eurobond debt, marking a significant step in the country’s post-restructuring debt recovery efforts.
This payment, sourced from the Debt Service Accounts set up for that purpose, is directed at bondholders who agreed to participate in the country’s debt restructuring programme.
According to sources at the Finance Ministry and Bank of Ghana, the cedi equivalent of the coupon payment had already been transferred to the central bank earlier this week.
The Bank of Ghana is expected to facilitate the transfer of funds to international bondholders through corresponding banks based in Europe and the United States.
This development marks the third successive coupon payment since Ghana resumed servicing its Eurobond debts in October 2024 after a major restructuring deal was finalized with creditors.
Debt Restructuring Background
The Eurobond obligations, amounting to approximately US$13 billion, were at the heart of the country’s recent debt crisis, which led to a temporary suspension of external debt servicing in 2022 under the previous administration.
Negotiations with bondholders gained momentum in mid-2023, culminating in a landmark agreement in late 2024.
As part of the agreement, nearly 100 percent of bondholders accepted new instruments in exchange for old ones under revised terms.
The government made its first payment of US$520 million in 2024, which included a US$120 million consent fee to incentivize participation in the debt exchange.
In January 2025, the Mahama-led administration reaffirmed its commitment to honoring the terms of the restructured bonds and resumed scheduled payments—signaling a gradual restoration of investor confidence.
Looking Ahead: More Payments and Potential Impact
A fourth installment is expected in August 2025, as Ghana keeps pace with its agreed payment schedule.
Government sources have emphasized the importance of consistency in payments to restore the country’s creditworthiness and investor reputation.
With payments to bilateral creditors expected to begin in 2026, the current focus remains on meeting Eurobond commitments and implementing broader fiscal reforms.
Market Implications and Credit Ratings
Financial analysts believe these timely coupon payments could positively influence Ghana’s credit ratings in the near future.
The country’s commitment to servicing restructured debt aligns with broader reforms under the International Monetary Fund (IMF) programme, including fiscal consolidation and structural adjustments.
