The Government of Ghana has released US$300 million today, July 3, 2025, to service coupon payments on its restructured Eurobond debt, marking another key milestone in its debt repayment efforts.
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According to Joy Business, the cedi equivalent of the amount had already been transferred to the Bank of Ghana, which is processing the payment through its correspondent banks in Europe and the U.S.
The funds are being disbursed from Ghana’s Debt Service Accounts, which were specifically set up to ensure timely coupon payments to Eurobond holders who accepted the government’s debt restructuring terms.
A follow-up payment is expected in August 2025.
Background
Ghana began servicing its Eurobond debt in October 2024, after reaching a restructuring agreement with bondholders. In total, the government has restructured about $13 billion in Eurobond liabilities.
Last year, Ghana paid $520 million to bondholders, including a $120 million consent fee to those who agreed to exchange their old bonds under the revised terms. The current Mahama-led administration continued the payments when it assumed office in January 2025.
The Eurobond Debt Exchange Programme saw nearly 100% participation from bondholders.
As for bilateral creditors, the government is expected to begin repayment in 2026.
Market Impact
Analysts believe the third consecutive Eurobond payment could improve Ghana’s creditworthiness and investor confidence. Some financial observers say the development could help lower Ghana’s cost of borrowing in future markets, especially when combined with ongoing fiscal consolidation and steady progress under the International Monetary Fund (IMF) programme.
