Ghana's Creditors Agree to Early Repayment of Energy Bonds
TLDR
- Ghana's creditors approve early repayment of all outstanding energy bonds issued by Esla Plc, totaling 6.4 billion cedis ($414 million)
- Bondholders agree to modify maturity and interest payment dates to Dec. 2, 2024, ahead of President Nana Akufo-Addo's term end in 2025
- Ghana completes debt restructuring effort, reworking over 60% of its $49 billion public debt, qualifying for an IMF bailout
Ghana’s creditors have approved early repayment of all outstanding energy bonds issued by Esla Plc, a special-purpose vehicle established in 2017 to clear energy sector arrears. At a November 26 meeting, bondholders agreed to modify the maturity and interest payment dates to Dec. 2, 2024, Esla said in a statement via the Ghana Stock Exchange.
Esla’s bonds, totaling 6.4 billion cedis ($414 million), were restructured last year as part of Ghana’s domestic debt exchange program. Coupon rates were reduced from 19.5%-20.5% to 8.35%-15% and maturities adjusted to 2027-2038. This decision allows bondholders to be repaid before President Nana Akufo-Addo’s term ends on Jan. 7, 2025, ahead of elections on Dec. 7.
Ghana’s broader debt restructuring effort, completed in October, has reworked over 60% of its $49 billion public debt, enabling the country to qualify for an IMF bailout to address its fiscal crisis.
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Points clés à retenir
The early repayment of energy bonds reflects Ghana's efforts to restore investor confidence and stabilize its finances following a comprehensive debt restructuring. As the country transitions into an election period, the move underscores progress in managing fiscal challenges and reaffirms commitments to honoring restructured obligations under the IMF program.
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