How much of Ghana's Eurobond debt is currently outstanding?
Ghana's outstanding Eurobond balance sits at roughly $7.1 billion, an estimate derived from the $9.236 billion post-restructuring starting point minus the $2.1 billion in principal and interest paid since January 2025, since the Ministry of Finance has not published a single current residual figure.
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The starting point after restructuring
The debt exchange closed in October 2024, retiring $13.1 billion of old bonds. That exchange reduced the Eurobond debt stock by approximately $3.868 billion, leaving an outstanding balance of $9.236 billion.
What has been paid since then
Ghana has paid a total of $2.1 billion to Eurobond holders since January 2025, in accordance with the terms of the Eurobond Debt Exchange Programme. That $2.1 billion breaks down as follows:
- Two payments of $349.52 million each were made first, followed by a $709 million settlement, bringing the 2025 total to $1.4 billion.
- Then in July 2026, the Ministry of Finance settled a further $700 million, consisting of $525.2 million in principal and $174.8 million in interest.
Subtracting the principal portion of those payments from the $9.236 billion post-restructuring balance gives a rough remaining stock. The interest component of each payment does not reduce the principal, so the true reduction in outstanding principal is somewhat less than $2.1 billion in total. The Ministry of Finance has not disclosed the precise remaining balance in its public statements.
What is still ahead
Analysts at MSA Securities have flagged a roughly $6.4 billion Eurobond wall Ghana faces between 2027 and 2030, which is consistent with a current outstanding balance in the $7 billion range. Creditors representing more than two-thirds of outstanding bonds have accepted new notes maturing in 2035 and 2037.
Ghana has also ruled out issuing new Eurobonds this year, shifting financing instead to domestic markets and official creditors. That means the outstanding stock is not growing, even as payments continue to bring it down. The IMF upgraded Ghana's debt sustainability rating from high to moderate risk in its 2026 Article IV consultation, a signal that the trajectory is moving in the right direction, even with a significant balance still outstanding.
Follow-ups
Ghana is formally applying to join BRICS, a move its Cabinet approved this week, though the World Bank has not publicly flagged concerns about that decision specifically — its current statements focus on praising Ghana's recovery while warning that the gains remain fragile.
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