Dr. Ato Forson is Finance Minister
Government has released US$300 million to service debt owed Eurobond holders in coupon payments today July 3, 2025.
The Ghana cedi component of the debt had already been released by government to the Bank of Ghana to support the payments to the bondholders.
Joy Business understands that the Bank of Ghana is expected to make the payment today through its corresponding banks in Europe and the U.S.A to the bondholders who agreed to the debt restructuring.
The payments by government are being done from the Debt Service Accounts, established to help in coupon payments due the Eurobond holders.
JOYBUSINESS understands that government is due to make another payment in August 2025.
Background
Government in October 2024 started servicing Eurobond debt after it reached an agreement with the bondholders to restructure the debts.
A total amount of US$ 520 million was released last year to pay the bondholders.
This included $120 million as consent fee, for the bondholders who agreed to exchange their old bonds under certain conditions.
The John Mahama administration in January 2025 also continued with the debt servicing.
Government last year concluded the Eurobond Debt Exchange Programme, after almost 100 percent of the bondholders traded their old bonds for new ones.
During the renegotiation, government managed to restructure the $13 billion debt owed the Eurobond investors.
The development paved the way for government to take steps to resume servicing its debts owed the creditors.
However, with the servicing of the bilateral creditors, government is expected to commence repayment from 2026.
Impact
Some analysts have argued that the development could go long way to impact Ghana’s credit ratings in the coming months, as it marks the third payment made by Ghana since it reached an agreement to restructure the debts owed the Eurobond Holders.
Some financial observers say this could go a long way to impact the cost of borrowing for Ghana in the coming months.
This is in addition to ongoing fiscal consolidation measures, and significant progress being made by Ghana under the IMF programme which is also expected to impact on government’s “risk profile”.
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