Ghana faces a Eurobond repayment burden of US$6.4 billion, including interest, between 2027 and 2030, the World Bank reported in its October 2026 Africa Economic Update. The repayment pressure ranks second only to South Africa, which must pay US$11.8 billion within the same period.
Nigeria shares Ghana’s repayment figure of US$6.4 billion, while Angola follows with US$3.9 billion. Kenya, Côte d’Ivoire, and Zambia hold smaller yet substantial maturities of US$3.2 billion, US$2.8 billion, and US$2.2 billion respectively. These figures reflect a mix of pre-restructuring borrowing and post-restructuring exchange instruments.
The report draws attention to the repayment calendar from 2024 through 2030, pointing out that 2024 was the most concentrated year for redemptions. Côte d’Ivoire, Ethiopia, Kenya, Senegal, and Zambia faced a combined obligation of about US$6.4 billion maturing that year. Liability management measures by Angola, Kenya, and Côte d’Ivoire have eased the 2028 concentration to roughly US$5.5 billion, though refinancing pressures remain high in 2027 and 2029, with US$6.6 billion and US$7.5 billion due respectively.
The World Bank noted that most African countries have chosen refinancing over outright repayment or restructuring as their primary response to maturing Eurobonds. Kenya rolled over a US$2 billion Eurobond maturing in 2024 by issuing US$1.5 billion in new debt at a 10.4% yield, higher than the original 6.9% coupon, supplemented by budget resources. This strategy extended maturities but increased future debt service costs.
Ghana restructured its Eurobond obligations through a debt exchange completed in October 2024, converting defaulted bonds into restructured instruments. Zambia completed a liability management operation that bought back and permanently cancelled its US$1.36 billion Fixed-Rate Step-Up Amortizing Notes due 2053. Ethiopia’s US$1 billion debut Eurobond that matured in December 2024 was restructured following an Agreement in Principle with private bondholders on June 29, 2026, settling a prolonged negotiation impasse after Ethiopia entered default in late 2023.
Across Sub-Saharan Africa, sovereign Eurobond principal maturing between 2024 and 2030 totals approximately US$43.6 billion across 13 countries after accounting for buybacks and liability management operations completed through August 2026.
The repayment schedules and refinancing efforts reveal the pressure on African governments to manage debt amid ongoing fiscal constraints. Ghana’s Eurobond repayments, concentrated in the 2027 to 2030 window, form a significant part of the continent’s broader debt challenge.
According to Joy Online.
