Ghana clears $709m Eurobond early as debt discipline tightens

Ghana has repaid a $709 million Eurobond ahead of schedule, signalling renewed confidence in its debt-restructuring programme and a strengthening economic recovery.

The payment, made on December 30, 2025, was confirmed by Cassiel Ato Forson, the finance minister, on Wednesday and ranks among the country’s largest single external debt-service transactions since its 2022 default.

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The early settlement brings Ghana’s total Eurobond payments in 2025 to about $1.4 billion, under the restructuring memorandum. This includes two earlier payments of $349.52 million each, in addition to the latest $709 million repayment.

“The timely settlement reaffirms Ghana’s credibility as a sovereign borrower and underscores the government’s commitment to restoring investor confidence through transparent, predictable and disciplined debt-service practices,” Forson said in a statement posted on social media platform X, formerly Twitter.

He added that the government would build on this progress by intensifying reforms in domestic revenue mobilisation, public financial management and public debt management, while strengthening fiscal buffers to meet future debt-service obligations and sustainably finance development priorities.

The gold-rich West African economy has also benefited from a sharp currency rebound. The cedi is Africa’s best-performing currency this year, appreciating by about 26 percent in the first 11 months of 2025, supported by improved macro fundamentals and tighter fiscal controls.

Beyond Eurobond repayments, Ghana has stepped up efforts to clear legacy arrears across key sectors. The government has settled most of the approximately $75 million owed to Nigeria for gas supplies, leaving only a small outstanding balance, as part of broader energy-sector debt management.

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In the social sector, the National Health Insurance Authority (NHIA) paid GH¢834 million in arrears to healthcare providers in April 2025. The government has also made payments toward outstanding tuition fees for Ghanaian students studying abroad, although some arrears remained as of mid-2025.

The country completed a major Eurobond restructuring in late 2024, a move that contributed to a ratings upgrade by Moody’s and a more positive sovereign outlook.

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