Ghana Restructures Over 90 Percent Of External Debt, Says Finance Minister

Ghana has successfully restructured more than 90 per cent of its external debt since the debt restructuring process began in December 2022, according to Finance Minister Mohammed Adam.

During a press briefing on the state of the economy on Thursday, Adam announced that the country had completed its Eurobond debt exchange and consent solicitation process by the end of September, with 98 per cent of bondholders participating. This exceeded the required 65 per cent threshold.

This development cures Ghana’s default on international bonds, paving the way for normalised financial relationships with rating agencies and international markets, Adam said.

He added that the debt restructuring marks “a significant milestone in its economic recovery.”

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