Ghana nears finish line in external debt restructuring – GSDR

Ghana’s external debt restructuring is nearing completion, with 16 of 25 bilateral agreements with official creditors finalised, according to the Global Sovereign Debt Roundtable (GSDR). The report, released on the sidelines of the Annual IMF–World Bank Meetings in Bangkok, Thailand, said negotiations were continuing with Ghana’s remaining non-bonded commercial creditors.

These creditors now account for less than 5% of the debt covered by the restructuring exercise. The bilateral agreements involve members of Ghana’s Official Creditor Committee (OCC). Completing them marks further progress toward implementing the country’s debt treatment arrangements. The GSDR brings together debtor countries and official and private creditors to improve understanding of debt sustainability and sovereign debt restructuring challenges.

Launched in February 2023, the forum also seeks to identify ways to address obstacles that delay restructuring processes. Background Ghana announced a suspension of payments on selected external debts in December 2022 as part of efforts to restructure its obligations and secure support from the International Monetary Fund. The suspension covered Eurobonds, commercial loans and selected bilateral debts.

Ghana established an Official Creditor Committee on May 12, 2023, to coordinate the restructuring of its bilateral debt under the G20 Common Framework. Financing assurances from creditors helped pave the way for approval of Ghana’s US$3 billion IMF programme. The programme’s approval was followed by an initial disbursement of US$600 million. The latest GSDR assessment indicates that the process has advanced substantially, with attention now focused on concluding outstanding agreements and resolving claims involving remaining commercial creditors.

Concerns The report said restructuring cases had continued to progress since April 2026. These include Ethiopia, Ghana and Zambia under the Common Framework, as well as Sri Lanka and Suriname outside it. Apart from Ethiopia, where a bond exchange remained pending, the report said outstanding creditor negotiations in these cases involved only residual commercial creditors.

It also noted progress in implementing agreements with official bilateral creditors. Since April, the report said, 22 new bilateral agreements had been signed across the restructuring cases. The report said the Paris Club website tracks implementation through updates.