Ghana’s government has paid $709 million to Eurobond holders on December 30, 2025, completing the transaction ahead of its scheduled due date.
The Ministry of Finance confirmed that the payment was processed using funds from government cash buffers, representing another step in the country’s efforts to restore economic stability following years of debt distress. Finance Minister Dr. Cassiel Ato Forson described the early settlement as proof of Ghana’s commitment to disciplined debt management.
This latest payment brings Ghana’s total Eurobond servicing for 2025 to approximately $1.4 billion. The figure includes two earlier disbursements of $349.52 million each, made under terms agreed during the country’s debt restructuring negotiations with external creditors. All three payments were executed in accordance with the restructuring memorandum signed with bondholders.
The early settlement comes as Ghana works to rebuild its reputation on international capital markets. The country defaulted on its external debt obligations in December 2022 after facing mounting fiscal pressures from currency depreciation, rising debt levels, and balance of payments challenges worsened by the COVID-19 pandemic.
Ghana reached an agreement in principle with Eurobond holders in June 2024 to restructure approximately $13 billion in external debt. The deal required bondholders to accept nominal losses of 37 percent on their holdings, forgoing about $4.7 billion in claims while providing cash flow relief of roughly $4.4 billion during the International Monetary Fund (IMF) program period. The restructuring was completed in October 2024 with more than 98 percent consent from bondholders, well above the 65 percent threshold required.
By settling the December payment ahead of schedule, Ghana demonstrates predictability in meeting its obligations under the restructured terms. Market observers view such early payments as critical to restoring investor confidence and potentially lowering future borrowing costs for the West African nation.
The Ministry of Finance noted that Ghana remains current on all scheduled Eurobond debt service obligations for 2025. Looking ahead to 2026, the government faces scheduled Eurobond payments totaling approximately $1.41 billion.
Dr. Ato Forson stated that the government plans to intensify reforms across three key areas: domestic revenue mobilization, public financial management, and public debt management. These reforms aim to increase tax collection, improve spending efficiency, and establish more sustainable borrowing practices.
Ghana’s debt restructuring forms part of a broader economic recovery program supported by a $3 billion, 36-month Extended Credit Facility (ECF) arrangement with the IMF, approved in May 2023. The IMF completed its third review of the arrangement in December 2024, allowing for an additional disbursement of about $360 million and bringing total IMF disbursements under the program to approximately $1.9 billion.
The government has also completed restructuring of its domestic debt and reached a memorandum of understanding with official creditors under the G20 Common Framework in June 2024. These parallel restructuring efforts are designed to restore Ghana’s debt sustainability while maintaining essential public services.
The Ministry of Finance emphasized that fiscal buffers will continue to be strengthened to support future debt service obligations and sustainably finance Ghana’s development agenda. The government expressed appreciation to Ghanaians for their patience and cooperation throughout the economic recovery process, noting that public support has been instrumental to progress achieved thus far.
Credit rating agencies and international investors are monitoring Ghana’s ability to honor its post-restructuring commitments as a key indicator of the country’s economic recovery trajectory. Consistent on-time or early payments could improve Ghana’s sovereign credit ratings, potentially making future market access less expensive and more readily available.
As Ghana enters 2026, maintaining the momentum on debt servicing while implementing promised fiscal reforms will be essential to fully exiting debt distress and rebuilding the economic buffers needed to withstand future shocks.
