The government has released US$300 million today, July 3, 2025, to service coupon payments owed to Eurobond holders.
The Ghana cedi portion of the debt was already transferred to the Bank of Ghana to support these payments.
Joy Business understands that the Bank of Ghana will make the payments through its corresponding banks in Europe and the U.S. to bondholders who agreed to the debt restructuring terms.
These payments are being made from Debt Service Accounts established specifically to facilitate coupon payments to Eurobond investors. Another payment is expected in August 2025.
Background
In October 2024, the government began servicing Eurobond debt after reaching an agreement with bondholders to restructure the debt. Last year, a total of US$520 million was disbursed, including a US$120 million consent fee paid to bondholders who agreed to exchange old bonds under certain conditions.
The John Mahama administration continued debt servicing in January 2025. The Eurobond Debt Exchange Programme was successfully concluded last year, with almost 100 percent of bondholders exchanging old bonds for new ones. This restructuring covered about US$13 billion owed to Eurobond investors.
This development allowed the government to resume debt servicing to creditors. However, repayments to bilateral creditors are expected to start in 2026.
Impact
Analysts suggest that this progress could positively influence Ghana’s credit ratings in the coming months, marking the third payment since the debt restructuring agreement.
Financial observers believe this may lower Ghana’s borrowing costs in the near future. This comes alongside ongoing fiscal consolidation and significant progress under the IMF programme, both expected to improve the government’s risk profile.
Source: Joy Business
