How much of its Eurobond debt has Ghana repaid since 2025?
Ghana has repaid $2.1 billion to Eurobond holders since January 2025, a figure confirmed by the Ministry of Finance and reported across multiple outlets.
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spio.comHow the repayments broke down
In 2025 alone, Ghana paid $1.4 billion to Eurobond holders under the restructuring memorandum, in three tranches: $349.52 million, $349.52 million, and $709 million. The $709 million tranche, the largest of the year, was settled on December 30, 2025, ahead of its due date.
Then in 2026, Ghana made an early $700 million Eurobond payment at the beginning of July 2026, well before the January 2027 maturity date stipulated under the restructured debt agreement. That latest settlement comprised $525.2 million in principal and $174.8 million in interest.
What this sits on top of
The restructuring itself closed in October 2024. Debt service payments on the new bonds resumed immediately after the restructuring was implemented, with most bondholders receiving new bonds maturing in 2029 and 2035, carrying a nominal haircut of 37% and a coupon rate increasing from 5 to 6% in 2028. A Eurobond, to be clear, is a bond a government issues in a foreign currency, usually dollars, and sells to international investors; when Ghana defaulted on these in 2022, it stopped making those dollar payments. The restructuring renegotiated the terms, and payments have resumed since.
What still lies ahead
Total scheduled Eurobond repayments for 2026 exceed $1.4 billion, which continuously tests the Bank of Ghana's foreign exchange reserves. The $700 million July payment counts toward that, so a further tranche is due before year end. Ghana became the first African defaulter of the current cycle to service restructured commercial debt early, a milestone that is quietly repricing risk for neighboring countries still in the G20 Common Framework queue.
The broader signal is credibility. The Ministry of Finance said the repayment was financed through carefully planned government funding arrangements, ensuring the transaction did not place undue pressure on the country's foreign exchange reserves. That is not a small detail for a country that, only a few years ago, could not meet those same obligations at all.
Follow-ups
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.
Here is the picture as it stands, built from the numbers the sources confirm.
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.
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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