Ghana has made further progress in its external debt restructuring programme, with 16 of the 25 bilateral agreements with official creditors now completed, according to the Global Sovereign Debt Roundtable (GSDR).
A report released on the sidelines of the Annual IMF–World Bank Meetings in Bangkok, Thailand, indicated that negotiations were ongoing with the country’s remaining non-bonded commercial creditors, who account for less than five per cent of the debt covered by the restructuring exercise.
The completed bilateral agreements involve members of Ghana’s Official Creditor Committee (OCC), marking another milestone in the implementation of the country’s debt treatment arrangements.
The GSDR, which brings together debtor countries and official and private creditors, was established in February 2023 to improve dialogue on debt sustainability and address challenges associated with sovereign debt restructuring.
The forum also seeks to identify measures to overcome obstacles that often delay debt restructuring processes.
Background to Ghana’s debt restructuring
Ghana announced a suspension of payments on selected external debts in December 2022 as part of efforts to restructure its obligations and secure financial support from the International Monetary Fund (IMF).
The suspension covered Eurobonds, commercial loans and selected bilateral debts.
On May 12, 2023, Ghana established an Official Creditor Committee to coordinate the restructuring of its bilateral debt under the G20 Common Framework.
Financing assurances from creditors subsequently helped pave the way for the approval of Ghana’s US$3 billion IMF programme, which was followed by an initial disbursement of US$600 million.
The latest GSDR assessment suggests that the restructuring process has advanced considerably, with attention now focused on concluding outstanding bilateral agreements and resolving claims involving the remaining commercial creditors.
Progress in global debt restructuring
The report also highlighted broader progress in sovereign debt restructuring cases since April 2026.
These include Ethiopia, Ghana and Zambia under the G20 Common Framework, as well as Sri Lanka and Suriname outside the framework.
According to the assessment, outstanding creditor negotiations in these countries now largely involve residual commercial creditors, with Ethiopia being the exception due to a pending bond exchange.
The report further noted progress in implementing agreements with official bilateral creditors.
Since April 2026, a total of 22 new bilateral agreements have been signed across the restructuring cases, reflecting continued efforts to resolve sovereign debt challenges.
The Paris Club website, the report added, continues to track the implementation of these agreements through regular updates.
