The government of Ghana has officially resumed payments on its Eurobond debts following the successful completion of a debt exchange programme with bondholders.

The Ministry of Finance confirmed a total payment of $520 million, which includes a $120 million consent fee to bondholders who accepted the terms of the debt exchange.

The debt service, which resumed last Friday, also comprises $320 million in coupon payments that had been frozen since the government suspended debt servicing in 2022.

Ghana restructured $13 billion in Eurobond debt, achieving a 98% participation rate from bondholders, paving the way for the resumption of payments.

Regular coupon payments will resume in January 2025, with the next payment scheduled for July 2025.

The Bank of Ghana has assured the public that it has sufficient dollar reserves to support these payments.

In a related development, Finance Minister Dr. Mohammed Amin Adam announced the establishment of a Sinking Fund to help manage the fiscal pressures of debt repayments.

Ghana is also set to begin servicing its debts to bilateral creditors from 2026.

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