After suspending Eurobond service in December 2022, Ghana ran the DDEP and an official-creditor MoU (US$5.4bn) before launching the exchange offer and consent solicitation on 5 September 2024, opening for 21 days and closing with 98% participation; the exchanges settled in October 2024. Investors chose between a PAR option (no haircut, longer tenor, lower coupons) and a DISCO option (37% nominal haircut, US$5bn of nominal reduction).
Result: US$4.3bn of debt-service savings during the IMF programme, average coupons cut from >8% to <5%, and the default cured, reopening Ghana’s access to international markets and enabling the July 2026 US$700m prepayment. Ghana thereby restructured over 90% of eligible external debt “in under nine months” from the exchange launch.
Value: US$13bn exchanged; US$5bn nominal cut; 98% participation (verified against public announcements).
Advisers: Government of Ghana, Lazard (financial adviser) and Hogan Lovells (legal adviser); bondholder steering committee, Rothschild & Co and Orrick, Herrington & Sutcliffe LLP (per Reuters, January 2024).
Recorded by The Meridian research desk from public announcements, regulatory filings and financial press coverage. Dates and values are as publicly reported.
