Ghana has moved closer to completing its external debt restructuring programme after successfully exchanging the outstanding Savings and Development Economic Recovery Agreement (SADEREA) Notes, the Ministry of Finance has announced.
The Ministry said the exchange was settled on Monday, July 13, 2026, with a value date of July 10, 2026, marking the final outstanding component of Ghana’s sovereign bonded debt restructuring.
In a statement, the Ministry described the development as a major milestone in the country’s economic recovery efforts and said it brings Ghana to the final stage of its external debt restructuring process.
“The exchange brings Ghana to the final stage of its external debt restructuring, marking a major milestone in the country’s economic recovery and resolving the last outstanding component of its sovereign bonded debt restructuring,” the Ministry said.
The SADEREA Notes, which are 12.5% Senior Secured Amortising Bonds, were issued to finance capital expenditure in Ghana’s health sector.
According to the Ministry, the original issuance was valued at US$253.2 million, with approximately US$117.8 million in principal remaining outstanding as of January 2026.
The successful exchange, the Ministry said, reflects the government’s commitment to restoring debt sustainability, improving investor confidence and maintaining macroeconomic stability.
“The completion of this exchange underscores the government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability,” it said.
The Ministry of Finance said it would continue to pursue prudent debt management and sound public financial management policies aimed at protecting Ghana’s long-term economic stability.
The completion of the SADEREA Notes exchange follows Ghana’s broader debt restructuring efforts aimed at reducing debt pressures and restoring fiscal sustainability after the country faced severe economic challenges, including rising debt levels and limited access to international capital markets.
