- Ghana Meets Eurobond Commitments with $349.5m Payment, Signalling Post-Restructuring Discipline
Ghana has completed all scheduled Eurobond debt service obligations for the 2025 financial year, the Ministry of Finance confirmed in a statement issued Wednesday.
According to the Ministry, a final payment of US$349.52 million was effected today through the Bank of Ghana, bringing the country’s total Eurobond payments for the year to US$699.04 million. The payment marks Ghana’s third Eurobond servicing since the conclusion of its debt restructuring in October 2024.
“The Government of Ghana has, through the Bank of Ghana, successfully effected a payment of US$349,523,674.56 in respect of Eurobond debt service obligations today, Thursday, 3rd July 2025,” the Ministry stated.
Since exiting default last year, Ghana has now cumulatively serviced US$1.17 billion in Eurobond debt, structured as follows:
- October 2024: US$475.60 million initial payment under the post-restructuring agreement;
- January 2025: US$349.52 million installment;
- July 2025: US$349.52 million installment.
“This brings Ghana fully up to date on all scheduled Eurobond debt service obligations for 2025,” the Ministry declared.
Next Challenge: 2026 Eurobond Maturity
With 2025 obligations now cleared, Ghana’s focus shifts to US$1.41 billion in Eurobond debt service scheduled for 2026, a significant increase that underscores continued pressure on public finances and foreign reserves.
The Finance Ministry positioned the July payment as evidence of Ghana’s improved fiscal discipline and renewed credibility with international creditors. It said the latest payment is expected to:
- Enhance Ghana’s credit ratings trajectory, reinforcing the country’s commitment to honouring restructured debt obligations;
- Rebuild investor confidence in Ghana’s sovereign risk profile and broader economic recovery;
- Stabilise the foreign exchange market, as the payment has been incorporated into the Bank of Ghana’s reserve management strategy.
A Signal to Creditors and Markets
The successful execution of these payments is being interpreted by observers as a deliberate message to creditors and markets that Ghana is serious about its post-restructuring commitments. The Ministry reiterated that it remains fully committed to upholding the terms of the October 2024 restructuring agreement while advancing its macroeconomic recovery programme under the IMF-supported reform agenda.
Ghana, which defaulted on its external debt in December 2022, concluded a historic restructuring of approximately US$13 billion in Eurobonds last year. Since then, government authorities have been closely watched by ratings agencies and bondholders for signs of repayment reliability.
While this latest development sends a strong signal of financial responsibility, economists caution that the 2026 payment schedule will be a critical stress test, particularly as Ghana prepares for general elections and navigates ongoing fiscal consolidation targets.
As international investors continue to assess frontier markets, Ghana’s disciplined adherence to its debt calendar may help secure more favourable terms in future capital market engagements, even as external refinancing options remain limited for now.
