Ghana is facing another major test on the debt front as US$6.4 billion in Eurobond repayments, including interest, is expected to fall due between 2027 and 2030, according to the World Bank.
The figure places Ghana among the African countries carrying the largest Eurobond repayment obligations over the period, raising fresh questions about how the country will manage its external debt service needs after completing its landmark debt restructuring.
The disclosure comes at a sensitive point for Ghana, which has spent the past several years working to restore debt sustainability following a severe fiscal and debt crisis that triggered a domestic debt exchange and restructuring of its Eurobonds.
Ghana’s $6.4bn Repayment Obligation
According to the World Bank’s October 2026 Africa Economic Update, Ghana is expected to face US$6.4 billion in Eurobond repayments between 2027 and 2030.
The amount places Ghana behind South Africa, which has the largest repayment burden at US11.8 billion during the period. Nigeria also records US 6.4 billion, while Angola faces US$3.9 billion in maturities.
Kenya follows with US3.2 billion, alongside Côted’Ivoire at US2.8 billion and Zambia at US$2.2 billion.
The World Bank noted that the maturity profiles of Ghana, Nigeria and Angola reflect a combination of borrowing undertaken before debt restructurings and instruments issued as part of post-restructuring arrangements.
That distinction is important for Ghana because the country’s Eurobond profile has already undergone a major transformation following the debt exchange completed in October 2024.
Debt Exchange Did Not End Repayment Pressures
Ghana’s Eurobond restructuring helped resolve a significant portion of the country’s external debt problems, but the latest figures show that future repayment obligations remain substantial.
The World Bank said Ghana addressed its Eurobond obligations through the debt exchange completed in October 2024, converting defaulted bonds into restructured instruments.
That exercise provided breathing room during the debt crisis, but the obligations have not disappeared. Instead, repayments have been redistributed across future years, creating a new timetable that will require careful refinancing and liability management.
The scale of the upcoming obligations means Ghana will need to maintain access to international capital markets and continue strengthening its fiscal position if it is to meet its external obligations without recreating the pressures that contributed to the earlier debt crisis.
2027 and 2029 Could Bring Heavy Pressure
The broader African picture shows why the coming years could become increasingly demanding for sovereign borrowers.
The World Bank estimates that refinancing pressures remain significant across the 2027 to 2030 window. After liability management operations by Angola, Kenya and Côte d’Ivoire, the concentration of repayments in 2028 has been reduced to approximately US$5.5 billion.
However, the repayment burden rises again in other years, with 2029 carrying about US7.5billion in forthcoming maturities and 2027 accounting for approximately US6.6 billion.
This creates a potentially challenging environment for governments that must balance debt service with spending on infrastructure, social programmes and economic development.
Ghana’s US$6.4 billion exposure therefore comes within a wider period of elevated refinancing needs across African sovereign markets.
Refinancing Has Become the Main Survival Strategy
The World Bank noted that most sovereigns have responded to maturing Eurobonds primarily through refinancing rather than relying entirely on fiscal resources or restructuring.
Kenya provides a notable example. It rolled over its US 2billion Eurobond that matured in 2024 through a US1.5 billion issuance at a yield of 10.4%, supplemented by budget resources.
While the move extended maturities, the World Bank noted that it also increased future debt service costs compared with the original 6.9% coupon.
The experience highlights the difficult choices facing African governments. Refinancing can prevent an immediate repayment shock, but expensive new borrowing can increase the cost of servicing debt over time.
Ghana will therefore have to weigh the timing and cost of any future market operations carefully as the repayment calendar approaches.
Africa Faces a $43.6bn Eurobond Challenge
Ghana’s situation forms part of a much larger regional debt challenge.
The World Bank estimates that Sub-Saharan African sovereign Eurobond principal maturing between 2024 and 2030 amounts to approximately US$43.6 billion across 13 countries.
The figure has been adjusted for buybacks and liability management operations completed through August 2026.
Some countries have already taken steps to reduce concentrated repayment risks. Zambia, for instance, completed a liability management operation to buy back and permanently cancel its outstanding US$1.36 billion Fixed-Rate Step-Up Amortizing Notes due 2053.
Ethiopia has also moved forward with restructuring its US$1 billion debut Eurobond, which matured in December 2024 after the country entered default in late 2023.
Ghana’s Next Debt Test Is Already Taking Shape
Ghana’s US$6.4 billion repayment burden will place renewed attention on the country’s debt management strategy over the next four years.
The challenge will not simply be finding money to meet individual maturities. Authorities will also have to manage borrowing costs, foreign exchange risks, investor confidence and fiscal pressures while protecting the gains made through the debt restructuring programme.
With Ghana emerging from one of its most difficult debt episodes in recent history, the approaching Eurobond maturities represent another critical chapter in the country’s efforts to rebuild debt sustainability.
The scale of the obligations means decisions taken well before 2027 could prove just as important as the actual repayments when they eventually fall due.
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