Ghana has reached a significant milestone in its efforts to restore debt sustainability after completing the exchange of the outstanding Savings and Development Economic Recovery Agreement (SADEREA) Notes, the Ministry of Finance has announced.
The Ministry said the transaction, settled on Monday, July 13, 2026, with a value date of July 10, 2026, represents the final outstanding component of the country’s sovereign bonded debt restructuring programme.
According to the Ministry, the completion of the exchange effectively moves Ghana into the final phase of its external debt restructuring process, a move expected to strengthen investor confidence and support the country’s economic recovery agenda.
“The exchange brings Ghana to the final stage of its external debt restructuring, marking a major milestone in the country’s economic recovery and resolving the last outstanding component of its sovereign bonded debt restructuring,” the Ministry stated.
The SADEREA Notes, issued as 12.5% Senior Secured Amortising Bonds, were originally valued at US$253.2 million and were used to finance capital projects in Ghana’s health sector.
The Ministry disclosed that about US$117.8 million of the principal amount remained outstanding as of January 2026 before the completion of the exchange.
It said the successful transaction demonstrates government’s commitment to implementing responsible debt management measures while creating the conditions needed for long-term fiscal stability.
“The completion of this exchange underscores the government’s commitment to restoring debt sustainability, strengthening investor confidence, and maintaining macroeconomic stability,” the Ministry added.
The Finance Ministry assured that it would continue to pursue prudent financial management policies aimed at safeguarding the country’s economic recovery and improving confidence in Ghana’s financial outlook.
The SADEREA Notes exchange forms part of a wider debt restructuring programme undertaken by Ghana to reduce debt pressures, restore access to international financing markets and rebuild fiscal stability following years of economic difficulties.
