The government has held constructive private discussions with a group of creditors controlling nearly all outstanding Saderea Limited bonds, signalling significant progress in efforts to resolve one of the country’s remaining external debt obligations.

In a statement issued on Tuesday, January 6, the Ministry of Finance said the talks involved an ad hoc committee of holders of the Saderea Notes, who together with other closely aligned investors own or control about 97.5 per cent of the outstanding bonds.

The discussions focused on a potential debt treatment framework that could form the basis of a broader agreement between the parties, as Ghana continues negotiations following its 2024 Eurobond Debt Exchange.

According to the statement, both sides discussed a “joint working scenario” that could underpin a mutual understanding on financial terms, noting that the proposal remains subject to further refinement and negotiation.

When combined with concessions already made by Saderea bondholders during the 2024 Eurobond exchange, the government and the creditor group believe the proposed framework is consistent with the principle of Comparability of Treatment, a key requirement under Ghana’s debt restructuring programme.

The Ministry of Finance said the Official Creditor Committee (OCC) Secretariat is currently assessing whether the proposed terms align with agreed comparability metrics.

The government and the Saderea Ad Hoc Committee have agreed to continue engagements aimed at reaching a possible agreement, while cautioning that there is no guarantee talks will result in a final deal.

“The Government and the Saderea Ad Hoc Committee intend to continue discussions in respect of the joint working scenario and other matters related to a potential agreement between the parties,” the statement said.

It added that any agreement would be subject to further review, reconciliation of outstanding amounts, and the consent of all Saderea noteholders.

The government also expressed appreciation to the creditors for their approach to the negotiations.

“The Government expresses its gratitude to the Saderea Ad Hoc Committee for its constructive engagement over the past three weeks,” the statement noted.

The Saderea Notes, originally issued by Saderea Limited, carry a high interest rate and mature in 2026, making them a critical component of Ghana’s remaining external debt negotiations as the country works to restore debt sustainability and macroeconomic stability.

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