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Ghana announces successful completion of Debt Restructuring
The Government of the Republic of Ghana is pleased to announce that Ghana is back on the international financial markets after successfully completing the transaction of restructuring $13 billion in Eurobonds today.
On June 24, the Ad Hoc Group of International Bondholders and the Republic of Ghana reached an agreement in principle for restructuring the outstanding Eurobonds.
The agreement was approved by the International Monetary Fund as compatible with the programme parameters and met the comparability of treatment requirements of the Official Creditor Committee for Ghana.
On September 5, with the backing of the Committee of Holders of the Republic of Ghana’s Eurobonds, the Republic of Ghana launched a consent solicitation for its proposal to all bondholders. Today, the transaction has been concluded, with over 90% of bondholders voting in favour of the deal.
The settlement and delivery of the new debt instruments are scheduled for October 9, 2024, after the World Bank longstop date on October 7, 2024. On this date, old bonds will be exchanged for new securities under the revised terms. On or before 30 October 2024, World Bank payments will be executed. More details on technical processes following the Issue Date, including related to the holding period, can be found here.
“Today, our economy has turned a corner. This landmark achievement ushers in a new phase of economic recovery, returning Ghana to a sustainable debt path and putting us back on the investor map. We’ve accomplished what everyone said was impossible – we decisively resolved Ghana’s debt overhang problem. This will allow Ghana to stabilise our finances and focus all our efforts on continuing the implementation of the ambitious reform program to improve the well-being of the Ghanaian people. We are thankful to our bondholders, the IMF and our official creditors for their support and collaborative engagement to arrive at this solution,” his Excellency President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, stated.
“Today’s completion of the restructuring will help Ghana restore debt sustainability, reducing the debt stock by $4.7 billion and providing cash flow relief of approximately $4.4 billion in the next two years. The deal is already positively influencing our macro-financial situation. The increasing market confidence in Ghana and our economic trajectory has significantly reduced the inflation rate. Our growth projections are also more positive – Q2 of 2024 saw the highest quarterly GDP growth recorded in the past five years, at 6.9%. Our government takes pride in this progress and remains committed to advancing our reform agenda and attracting new investment to foster growth and job creation,” Mohammed Amin Adam, Minister for Finance and Economic Planning of Ghana, said.
The Government further extended sincere gratitude to the Steering Committee of the Ad Hoc Creditor Committee of International Bondholders and their advisors, Rothschild & Co and Orrick, Herrington & Sutcliffe LLP, as well as the Steering Committee of the Creditor Committee of Regional Bondholders and their advisors, Renaissance Capital Africa, for their productive and consistent engagement throughout the process.
They added, “We thank our advisors Lazard Frères and Hogan Lovells, acting respectively as financial and legal advisors, and Algest, acting as a strategic advisor, for supporting the Republic of Ghana during this debt restructuring.”
News
CSA urges Universities to strengthen cybersecurity following university of Nottingham cyber-attack
The Cyber Security Authority (CSA) has cautioned universities and other operators of Critical Information Infrastructure (CII) in Ghana to comply with cybersecurity regulations following a recent cyber-attack on the University of Nottingham in the United Kingdom.
In a press release issued on June 16, 2026, the Authority said the incident should serve as a warning to educational institutions that no organisation is immune to cyber threats, regardless of its size, reputation or technological capacity.
According to the CSA, the attack on the University of Nottingham is believed to have affected about 450,000 students and alumni, exposing sensitive information such as personal records, contact details, student identification information and financial data.
The Authority noted that although the breach occurred outside Ghana, it has important lessons for the country’s education sector as well as other critical sectors including health, telecommunications and transportation.
The CSA explained that Ghanaian universities are increasingly relying on digital technologies such as student information systems, online learning platforms, cloud services, digital payment systems and research collaborations.
While these technologies improve efficiency and access to services, they also create opportunities for cybercriminals to exploit vulnerabilities.
“The question is therefore not whether Ghanaian universities or other critical sectors will be attacked, but whether they are sufficiently prepared when an attack occurs,” the statement said.
The Authority reminded institutions to adhere to the Directive for the Protection of Critical Information Infrastructure, which was launched in October 2021 to strengthen cybersecurity across critical sectors.
According to the CSA, the directive requires organisations to establish cybersecurity governance structures, conduct risk assessments, implement security controls, report incidents, carry out regular audits and develop effective incident response plans.
The Authority said these measures are intended to reduce the likelihood and impact of cyber-attacks and help protect essential services and national interests.
By: Jacob Aggrey
Former NPP flagbearer aspirant, Kennedy Agyapong, has criticised both the New Patriotic Party (NPP) and the National Democratic Congress (NDC) over the delayed completion of the Afari Military Hospital and other stalled health infrastructure projects.
Mr. Agyapong made the remarks on Tuesday after donating a pickup truck, an incubator and personal protective equipment (PPEs) to the 37 Military Hospital as part of activities marking his 66th birthday.
Speaking at the event, he said successive governments had failed to complete the Afari Military Hospital despite having years in office to do so.
According to him, the project was initiated during the administration of former President John Agyekum Kufuor and construction later commenced under the NDC.
Mr. Agyapong, who previously chaired Parliament’s Defence and Interior Committee, said he was aware of the project’s challenges and insisted that both the NPP and NDC should be held accountable for the delays.
“We will criticise the NDC and we will criticise the NPP. That’s the only way to go,” he said.
He noted that the previous NPP administration spent eight years in office without completing the facility and questioned attempts to place the blame solely on the current government.
The former Assin Central MP called on Ghanaians to put national development ahead of partisan politics and demand accountability from all political parties.
He said the country would make greater progress if leaders focused on completing critical projects and delivering results rather than engaging in political point-scoring.
By: Jacob Aggrey
