The Government of Ghana has disclosed it held private discussions with holders of its Saderea Notes to explore potential debt restructuring arrangements, though negotiations remain ongoing without agreement. The Ministry of Finance announced on May 29, 2025, that talks centered on the USD 253.19 million Senior Secured Amortising Bonds due 2026.
Ghana’s negotiating team, advised by Lazard Frères and Hogan Lovells US LLP as financial and legal advisors respectively, engaged with an ad hoc committee representing noteholders controlling approximately 60 percent of the outstanding Saderea Notes. The committee holds USD 117.77 million in principal amount and receives advice from Cleary Gottlieb Steen & Hamilton LLP.
The government presented its First Government Proposal during discussions, which officials deemed compatible with constraints under the International Monetary Fund (IMF) programme’s Debt Sustainability Framework and the principle of Comparability of Treatment. However, members of the Saderea Ad Hoc Committee rejected this initial offer.
The noteholders requested newly issued notes through reopening certain existing instruments issued during Ghana’s October 2024 Debt Exchange. They submitted their own counterproposal, but the government views this as incompatible with Comparability of Treatment principles because it does not contribute to any present value reduction.
Ghana subsequently presented a Second Government Proposal, which officials believe satisfies both Comparability of Treatment principles and IMF programme parameters while also addressing the committee’s request for more liquid instruments. The noteholders rejected this revised offer and declined to extend the disclosure date under the non-disclosure agreement between the parties.
The Ministry of Finance emphasized that the government shared certain information during private discussions that may be considered price sensitive or material non-public information. This included details contained in the proposal annexes, prompting the public disclosure under European Union regulations.
Ghana’s broader debt restructuring efforts have progressed substantially since the country defaulted on most external obligations in December 2022. The government completed Eurobond restructuring in 2024 with creditor participation exceeding 95 percent and secured bilateral agreements with multiple Official Creditor Committee members.
The Saderea Notes represent one remaining component of Ghana’s comprehensive debt restructuring programme, which aims to restore sustainability while maintaining the principle that all creditor classes receive comparable treatment. These senior secured bonds carry a 12.5 percent coupon and were originally scheduled to mature in 2026.
Finance ministry officials stressed the government intends to continue good faith engagement with the Saderea Ad Hoc Committee. The objective remains finding an agreement that aligns with Comparability of Treatment principles and Ghana’s debt sustainability goals under the IMF Extended Credit Facility arrangement.
The disclosure marks another step in Ghana’s complex negotiations with various creditor groups as the country works to finalize outstanding elements of its debt restructuring. The government has made restoring macroeconomic stability and ensuring debt sustainability central priorities following the 2022 debt crisis.
President John Dramani Mahama confirmed in his 2026 New Year address that Ghana successfully completed renegotiation of most debt obligations on terms protecting sovereignty while ensuring sustainability. However, negotiations with certain creditor groups including Saderea noteholders continue as the government seeks to close remaining restructuring components.
Economic indicators have improved substantially throughout 2025, with inflation falling to 6.3 percent by November, the cedi appreciating over 35 percent against the US dollar, and international reserves exceeding USD 13 billion. These developments have strengthened Ghana’s negotiating position while demonstrating progress under IMF programme objectives.
The Finance Ministry’s announcement constitutes public disclosure of inside information under Regulation 596/2014 of the European Union, reflecting the sensitivity of ongoing negotiations and the potential market impact of restructuring terms for the Saderea Notes.
