By Ebi Kesiena
Ghana has successfully slashed $5 billion off its external debt following the completion of a $13 billion Eurobond restructuring, according to Finance Minister Dr. Mohammed Amin Adam.
Speaking at a news conference in Accra, the minister Dr. Mohammed Amin Adam highlighted that over 98% of bondholders participated in the consent solicitation, far surpassing the required 65% threshold set in September 2024.
The restructuring marks a major breakthrough in Ghana’s efforts to manage its external debt, with the government now set to exchange the restructured Eurobonds for new bonds in the coming weeks.
This move brings relief not only through the $5 billion debt reduction but also by saving the country $4.3 billion in debt servicing costs. The average interest rate on the restructured bonds has dropped significantly, from over 8% to less than 5%.
Minister Adam underscored that this milestone is part of a broader effort to restore the country’s debt sustainability, noting that more than 90% of Ghana’s external debt has now been restructured. He added that Eurobonds make up a large portion of the nation’s debt, making this achievement a crucial step in stabilizing Ghana’s financial future.
“This agreement with bondholders represents a pivotal moment in our ongoing debt restructuring efforts,” the minister remarked, expressing optimism for Ghana’s economic recovery.
