Ghana has taken a key step toward wrapping up its foreign debt restructuring plan after it successfully swapped the remaining Savings and Development Economic Recovery Agreement (SADEREA) Notes, according to the Ministry of Finance.
The Ministry stated that the swap was completed on Monday, July 13, 2026, with an effective date of July 10, 2026. This marks the last remaining part of Ghana’s government bond debt restructuring.
In a press release, the Ministry called the move a significant achievement in the nation’s economic revival and noted that it places Ghana at the closing stage of its external debt reorganisation.
“The swap moves Ghana into the last phase of its external debt restructuring. It represents a major breakthrough in the country’s economic recovery and settles the final piece of its sovereign bond debt rework,” the Ministry said.
The SADEREA Notes are 12.5% Senior Secured Amortising Bonds that were created to fund capital projects in Ghana’s health sector.
The Ministry explained that the initial issue was worth US$253.2 million. As of January 2026, about US$117.8 million of the principal was still unpaid. Officials said the successful swap shows the government’s dedication to bringing debt levels back to a sustainable path, boosting trust among investors and keeping the economy stable.
“The conclusion of this swap highlights the government’s resolve to restore sustainable debt levels, build investor confidence, and sustain macroeconomic stability,” the statement added.
The Finance Ministry added that it will keep pushing for careful debt management and strong public finance policies to safeguard Ghana’s long-term economic health. The wrap-up of the SADEREA Notes swap comes after Ghana’s wider debt restructuring drive.
That programme is designed to ease debt burdens and bring fiscal balance back, following a period of serious economic strain. The challenges included growing debt and reduced access to global financial markets.
