In the aftermath of the successful completion of its debt exchange program with bondholders, the government of Ghana has officially resumed payments on its Eurobond debts.
A total of $520 million has been paid by the Ministry of Finance, which includes a $120 million consent fee for bondholders who agreed to the exchange terms.
The resumed debt servicing, which commenced last Friday, also covered $320 million in coupon payments that were frozen after the government suspended debt servicing in 2022.
With 98% participation from bondholders, Ghana was able to restructure $13 billion in Eurobond debt, paving the way for the continuation of payments.
Regular coupon payments will restart in January 2025, with the next payment set for July 2025.
The Bank of Ghana has confirmed that adequate dollar reserves are available to support these obligations.
Finance Minister Dr. Mohammed Amin Adam also announced the creation of a Sinking Fund to alleviate the fiscal pressure of the repayments.
Ghana will start servicing its debts to bilateral creditors in 2026.