The Government of Ghana disclosed on Tuesday, January 7, that it has reached preliminary understanding with holders controlling 97.5 percent of its outstanding Saderea bonds, marking potential progress in resolving one of the country’s final external debt restructuring challenges.
Finance Minister Dr. Cassiel Ato Forson announced through a statement that government negotiators, advised by Lazard Frères and Hogan Lovells US LLP, held private discussions with the Saderea Ad Hoc Committee to explore a debt treatment framework. The talks centered on approximately $117.7 million in bonds issued through Saderea Limited, part of an original $253.2 million issuance.
Both parties have developed what officials termed a Joint Working Scenario, a proposed roadmap outlining potential financial terms for restructuring the debt. The framework forms part of a broader package alongside efforts made by bondholders through Ghana’s October 2024 Eurobond Debt Exchange, according to the Ministry of Finance statement.
The Saderea bonds carry a 12.5 percent interest rate and were originally scheduled to mature in 2026. They are senior secured amortizing bonds, meaning they have additional legal protections and collateral backing compared to standard government debt instruments.
Dr. Forson indicated that the Official Creditor Committee (OCC) Secretariat is currently assessing whether the economic terms of the Joint Working Scenario align with the Comparability of Treatment principle, a cornerstone requirement ensuring all creditor classes receive similar treatment in debt restructuring arrangements.
The disclosure represents a marked shift from earlier negotiations. In May and June 2025, government and bondholders were at an impasse, with the Finance Ministry publicly disclosing that the Saderea Ad Hoc Committee, which then controlled about 60 percent of outstanding notes, had rejected multiple government proposals. At that time, bondholders sought full repayment without haircuts, contradicting the comparability principle that saw other international bondholders accept 48 percent reductions during the broader debt restructuring.
Finance officials emphasized that ongoing discussions do not guarantee a final agreement. The government and the Saderea Ad Hoc Committee intend to continue negotiations regarding the Joint Working Scenario and related matters, but there is no assurance that any agreement will be reached, the statement cautioned.
The Saderea bonds represent one of the final unresolved components of Ghana’s comprehensive debt restructuring programme, which aims to restore fiscal sustainability following the 2022 debt crisis. President John Dramani Mahama confirmed in his 2026 New Year address that Ghana had successfully renegotiated most debt obligations on terms protecting sovereignty while ensuring sustainability, though negotiations with certain creditor groups including Saderea noteholders required additional work.
Ghana’s broader economic indicators have strengthened considerably throughout 2025, providing improved negotiating conditions. Inflation declined from 23.8 percent in December 2024 to 5.4 percent by December 2025, while the cedi appreciated approximately 40 percent against the US dollar. International reserves climbed to $13.83 billion by year end, offering close to six months of import cover.
The International Monetary Fund (IMF) completed the fifth review of Ghana’s Extended Credit Facility arrangement in December, allowing for disbursement of around $385 million. The Washington based lender noted that Ghana has successfully brought inflation within its target range and rebuilt international reserve buffers while cautiously easing monetary policy.
However, the IMF emphasized that any debt restructuring agreement must align with Ghana’s debt sustainability framework under the Extended Credit Facility programme and maintain the Comparability of Treatment principle that underpins successful sovereign debt restructuring efforts.
The Finance Ministry characterized the disclosed information as price sensitive, indicating it could affect trading values of bonds in secondary markets. The announcement constitutes public disclosure of inside information under Regulation 596/2014 of the European Union, reflecting the sensitivity of ongoing negotiations.
While the Saderea bonds represent a relatively small portion of Ghana’s total debt, their resolution is viewed as important for demonstrating the government’s commitment to fair treatment of all creditors and maintaining discipline in its post restructuring framework. Any eventual agreement would need to satisfy both the bondholders’ desire for tradeable securities and government requirements for meaningful debt relief to ensure long term economic sustainability.
The government expressed gratitude for the constructive spirit of recent talks, suggesting increased optimism that a formal agreement may be achievable. Finance officials stressed that sustained engagement and good faith negotiations remain priorities as both parties work toward finalizing terms that balance creditor interests with Ghana’s fiscal recovery objectives.
The Ministry of Finance did not disclose specific financial terms of the Joint Working Scenario in its public statement, noting that details remain subject to further refinement and negotiation between the parties. Technical and legal teams continue evaluating various aspects of the proposed framework to ensure compliance with international standards and domestic economic constraints.
