Ghana has successfully completed the restructuring of the $13 billion it owes to Eurobond holders with more than 98 per cent investors participation in the country's consent solicitation, reducing the country's total debt by $5 billion.
Finance Minister, Dr Mohammed Amin Adam, who announced this at news conference in Accra yesterday said more than 98 per cent participation was significantly higher than the 65 per cent threshold from bondholders following the launch of the Exchange Offer and Consent Solicitation in September 2024.
He stated that the country would exchange the $13 billion in Eurobonds for new bonds in the coming weeks.
The Finance Minister disclosed that with the completion of the Eurobond debt restructuring, the government had completed the restructuring of more than 90 per cent of the country's external debt. "The agreement with bondholders has brought significant relief, including a 37 per cent reduction in the nominal value of Ghana's debt, equivalent to a $5 billion reduction, and $4.3 billion in debt service savings, and the average interest rate on the bonded debt has decreased from over 8 per cent to less than 5 per cent," Dr Adam revealed.