Government Disburses US$300 Million to Service Eurobond Coupon Payments

Accra, July 3, 2025 – The Government of Ghana has released US$300 million from the Debt Service Account today, July 3, 2025, to service coupon payments owed to Eurobond holders following last year’s debt restructuring agreement .

???? Key Details

• Payment Amount & Source

  • A total of US$300 million has been allocated for today’s payment.

  • The Ghana cedi equivalent had already been forwarded to the Bank of Ghana, which will now complete the payment via its correspondent banks in Europe and the United States 

• Context & Background

  • Since reaching a Eurobond debt restructuring agreement in October 2024, the government has recommenced coupon payments following a moratorium 

  • An earlier US$520 million disbursement in 2024 included a US$120 million consent fee for participating bondholders, and further payments were made in January 2025 

• Forward Guidance

  • Authorities have indicated that the next payment is expected in August 2025, in line with the structured repayment schedule

???? Implications for Ghana’s Economy

• Restoring Sovereign Credibility

  • This marks the third consecutive Eurobond coupon payment since the restructuring, underscoring Ghana’s commitment to honoring its debt obligations. Analysts believe this could contribute to improved credit ratings and more favourable borrowing conditions moving forward 

• Exchange Rate Dynamics

  • By anchoring repayments in US dollars, the government continues to mitigate currency risk; however, concomitant cedi support by the Bank of Ghana highlights ongoing pressure on forex reserves.

• Fiscal Outlook

  • While servicing international debt remains critical for maintaining creditor confidence, it also presents a test for Ghana’s fiscal space. Authorities will need to balance repayments with investments in domestic development.

✅ Bottom Line

By disbursing US$300 million today, Ghana demonstrates renewed fiscal discipline and adherence to the terms of its Eurobond restructuring. Consistent payments—scheduled next for August—may bolster investor confidence and aid in improving the country’s credit posture. However, sustaining this momentum will depend on prudent economic management and proactive reserve strategies.