Ghana is almost finished with its external debt restructuring, with 16 of the 25 bilateral agreements with official creditors now finalised, the Global Sovereign Debt Roundtable (GSDR) report said on the sidelines of the Annual IMF–World Bank Meetings in Bangkok.
The report added that negotiations are still underway with the remaining non‑bonded commercial creditors, who now represent less than 5% of the debt covered by the restructuring exercise.
These bilateral agreements involve members of Ghana’s Official Creditor Committee (OCC). Completing them marks further progress toward implementing the country’s debt treatment arrangements.
The GSDR forum brings together debtor countries and official and private creditors to improve understanding of debt sustainability and sovereign debt restructuring challenges. Launched in February 2023, the forum also seeks to identify ways to address obstacles that delay restructuring processes.
Ghana announced a suspension of payments on selected external debts in December 2022 as part of efforts to restructure its obligations and secure support from the International Monetary Fund. The suspension covered Eurobonds, commercial loans and selected bilateral debts.
Ghana established an Official Creditor Committee on 12 May 2023 to coordinate the restructuring of its bilateral debt under the G20 Common Framework. Financing assurances from creditors helped pave the way for approval of Ghana’s US$3 billion IMF programme, which was followed by an initial disbursement of US$600 million.
The latest GSDR assessment indicates that the process has advanced substantially, with attention now focused on concluding outstanding agreements and resolving claims involving remaining commercial creditors. The report said restructuring cases had continued to progress since April 2026.
These include Ethiopia, Ghana and Zambia under the Common Framework, as well as Sri Lanka and Suriname outside it. Apart from Ethiopia, where a bond exchange remained pending, the report said outstanding creditor negotiations in these cases involved only residual commercial creditors. It also noted progress in implementing agreements with official bilateral creditors. Since April, the report said, 22 new bilateral agreements had been signed across the restructuring cases.
The Paris Club website tracks implementation through updates.
