Ghana pays $910m in debt exchange interest as market opens for US, EU, and other investors

Ghana has paid 10 billion cedis, equivalent to about $910 million, in interest under its Domestic Debt Exchange Programme, marking the sixth coupon settlement since the country began restructuring its obligations during its worst economic crisis in a generation.

• Ghana has paid $910 million in interest under its Domestic Debt Exchange Programme, marking its sixth coupon settlement since restructuring began.
• The government says the full cash payment reflects stronger fiscal capacity and improving solvency.
• The move is aimed at reassuring global investors and stabilising the financial sector after a historic economic crisis.
• Accra now plans to return to the domestic bond market to test renewed investor appetite.

In a statement on Wednesday, February 18, 2026, the Ministry of Finance said the payment was designed to “reassure both domestic and international investors, strengthen market confidence and support the country’s credit outlook,” while promoting financial sector stability.

The latest instalment is the second full cash coupon payment, with no payment-in-kind component, a move the ministry said reflects “improved fiscal capacity and a stronger solvency position”.

For investors in the US, UK, Canada, and China, the signal is clear: Accra is keen to demonstrate that its recovery is taking hold and that its domestic debt overhaul is on track.

Ghana, the world’s second-largest cocoa producer, launched the Domestic Debt Exchange Programme in late 2022 as part of sweeping efforts to restore debt sustainability after a severe fiscal squeeze. The crisis triggered a broad debt restructuring that put pressure on banks, asset managers, and pension funds that were heavily exposed to government securities.

According to the ministry, the latest payment covers coupon obligations on cedi-denominated instruments exchanged under the programme and aligns with the government’s broader debt management and fiscal consolidation strategy.

Officials said Ghana intends to meet future obligations under the exchange, bolster liquidity buffers, and improve macroeconomic conditions to ease inflation and interest rates.

The government also plans to return to the domestic bond market this year, having appointed specialists to lead the process, in a further test of renewed investor appetite.