Ghana is edging closer to completing its external debt restructuring, with 16 of the 25 agreements with foreign government creditors already finalised.

This is according to a new report by the Global Sovereign Debt Roundtable (GSDR), released on the sidelines of the Annual IMF-World Bank Meetings in Bangkok, Thailand.

The report indicates that Ghana has made significant progress in negotiations with its bilateral creditors, leaving nine agreements yet to be concluded.

It also revealed that negotiations are ongoing with some private creditors, although they now account for less than 5% of the debt covered by the restructuring exercise.

Ghana ranks 18th among 25 African countries in revenue study

This suggests that most of the debt included in the restructuring has been addressed, with only a small portion involving commercial creditors remaining under negotiation.

Ghana began restructuring its external debt in December 2022 following severe economic challenges that left the country struggling to meet its debt obligations.

As part of the process, the government suspended payments on some external debts, including Eurobonds, commercial loans and bilateral obligations.

In May 2023, Ghana established an Official Creditor Committee (OCC) to facilitate negotiations with countries to which it owed money and agree on revised repayment terms.

The debt restructuring process was also a key requirement for Ghana to secure its US$3 billion financial support programme from the International Monetary Fund (IMF), which commenced with an initial disbursement of US$600 million.

According to the GSDR, the latest developments indicate that Ghana is making steady progress towards completing the restructuring exercise, although some bilateral agreements and negotiations with private creditors remain outstanding.

Ghana pushes for better credit rating to reduce borrowing costs

The report further noted that other countries, including Ethiopia, Zambia, Sri Lanka and Suriname, have also recorded progress in their respective debt restructuring processes.

Since April 2026, a total of 22 new agreements have been signed with government creditors across countries undergoing debt restructuring.

DR/MA

BoG Governor Gives Ghanaians Christmas Cedi Assurance | What He Promised