The Government of Ghana has completed the exchange of the outstanding SADEREA Notes, bringing the country to the final stage of its external debt restructuring and marking another significant milestone in its efforts to restore debt sustainability and macroeconomic stability.
The Ministry of Finance announced on Monday that the exchange was settled on July 13, 2026, with a value date of July 10, effectively resolving the last outstanding component of Ghana’s sovereign bonded debt restructuring.
The successful transaction concludes negotiations over the remaining SADEREA Notes, which were originally issued as 12.5% Senior Secured Amortising Bonds to finance capital expenditure in Ghana’s health sector. Of the initial US$253.2 million issued, approximately US$117.8 million in principal remained outstanding as of January 2026.
The development represents a major step in Ghana’s post-debt restructuring agenda, following the completion of earlier Eurobond exchanges and bilateral creditor agreements under the country’s broader debt treatment programme.
According to the Ministry of Finance, the completion of the exchange demonstrates the government’s commitment to “restoring debt sustainability” while also “strengthening investor confidence” and preserving long-term macroeconomic stability.
The ministry indicated that concluding the final outstanding sovereign bond restructuring component is expected to improve Ghana’s external debt profile, support fiscal consolidation efforts and reinforce policy credibility with international investors and development partners.
The successful exchange comes as Ghana continues implementing economic reforms aimed at rebuilding fiscal buffers, reducing debt vulnerabilities and sustaining economic recovery under its broader macroeconomic adjustment programme.
The Ministry of Finance reaffirmed its commitment to “prudent debt management”, “sound public financial management”, and the continued implementation of policies designed to safeguard long-term macroeconomic stability.
With the SADEREA Notes now successfully exchanged, Ghana has effectively reached the concluding phase of its external debt restructuring process, removing one of the final legacy obligations that remained under the country’s sovereign debt restructuring programme.
