This development follows a meeting last week where investors agreed to an early repayment arrangement.

The move comes just two months after ESLA revealed that around 90% of non-sovereign bondholders had submitted their bonds for tender under the domestic debt exchange program.

However, Citi Business News understands that some creditors remain uneasy, given the upcoming general elections on December 7.

The current government is under pressure to settle these obligations before its mandate ends on January 7.

It’s worth noting that these buybacks will be made at par value, with no interest payments included.

ESLA PLC currently has an outstanding bond liability of 6.4 billion cedis. Originally, these bonds carried coupon rates between 19.5% and 20.5%.

However, under the debt restructuring program last year, these were slashed to rates between 8.35% and 15%, with maturities extended to between 2027 and 2038.

Ghana initiated its debt restructuring program in December 2022 as part of efforts to secure an IMF bailout, after its ballooning debt became unsustainable.