Ghana has officially re-entered international financial markets after successfully restructuring $13 billion in Eurobonds. This marks a significant turnaround after the country lost access to these markets due to unsustainable debt levels. The Presidency confirmed that over 90% of bondholders agreed to the deal, signaling strong support for the government’s efforts to stabilize the economy.
The restructuring agreement was approved by the International Monetary Fund (IMF) as meeting program requirements and the Official Creditor Committee’s standards. Settlement of the new debt instruments is set for October 9, 2024, and World Bank payments will be processed by October 30, 2024.
President Nana Addo Dankwa Akufo-Addo emphasized that this achievement represents a major step toward economic recovery, placing Ghana on a sustainable debt path. The deal reduces the national debt by $4.7 billion and provides much-needed financial relief, boosting market confidence and positively impacting Ghana’s growth projections.
Finance Minister Mohammed Amin Adam highlighted that the restructuring has already improved Ghana’s macro-financial outlook, with inflation dropping and GDP growth hitting 6.9% in Q2 of 2024. The government remains committed to its reform agenda and to attracting new investments for further growth and job creation.