The Center for Economic Research and Policy Analysis (CERPA) has welcomed Ghana’s early settlement of its US$700 million Eurobond obligation, describing it as an important milestone in the country’s fiscal recovery and a positive signal of prudent debt management.
The Centre, however, emphasises that sustaining these gains will require continued structural reforms to strengthen long-term macroeconomic stability and debt sustainability.
In a new policy brief titled, “Early Eurobond Settlement: A Positive Fiscal Signal, But Structural Reforms Remain Essential,” CERPA notes that the government’s decision to settle the obligation ahead of schedule demonstrates its commitment to honouring debt obligations following Ghana’s Eurobond restructuring and reinforces confidence among investors and international financial markets.
The payment, comprising US$525.2 million in principal and US$174.8 million in interest, brings Ghana’s total payments to Eurobond holders to US$2.1 billion since January 2025.
According to CERPA, the early settlement is expected to reduce Ghana’s outstanding external debt burden, strengthen the country’s credit outlook, and support stability in the foreign exchange market.
While acknowledging this achievement, CERPA notes that it should be viewed as part of Ghana’s broader economic recovery programme rather than an end in itself. The policy brief highlights a number of structural challenges that continue to warrant attention, including renewed inflationary pressures driven by rising services and imported inflation, persistent regional disparities in economic performance, fiscal pressures associated with tight monetary policy, and Ghana’s continued exposure to external commodity price shocks.
To consolidate recent progress, CERPA recommends maintaining fiscal discipline through prudent expenditure management and improved domestic revenue mobilisation while accelerating investments in productive infrastructure, agriculture, industrialisation, and supply chain efficiency. The Centre also calls for reforms to strengthen domestic production, expand import substitution, diversify export markets, and address longstanding regional inequalities to improve economic resilience and support inclusive growth.
CERPA believes the early Eurobond settlement creates an important window to accelerate reforms that strengthen the foundations of Ghana’s economy. Building on this positive momentum through sustained fiscal discipline, productive investment, and structural transformation will be critical to preserving macroeconomic stability and delivering lasting, broad-based prosperity.
About CERPA
The Center for Economic Research and Policy Analysis (CERPA) is an independent, non-partisan economic policy think tank dedicated to advancing evidence-based policymaking through research, credible data analysis, and practical policy recommendations. CERPA works to strengthen economic decision-making and contribute to informed public discourse on Ghana’s development priorities.
