World Bank Sounds Alarm Over Ghana’s US$6.4bn Eurobond Burden

By KPD News Online | October 8, 2026

Ghana is facing another major debt-service challenge, with about US$6.4 billion in Eurobond repayments and interest obligations expected between 2027 and 2030, according to figures highlighted in the World Bank’s latest Africa Economic Update.

The projected obligations come after Ghana completed a major restructuring of its Eurobond debt in October 2024, raising fresh questions about how the country will manage upcoming maturities while maintaining fiscal stability.

The World Bank places Ghana among the African countries with the largest Eurobond repayment exposures during the period. South Africa leads with US$11.8 billion, while Ghana and Nigeria are each reported at US$6.4 billion, followed by Angola with US$3.9 billion.

Refinancing could become critical

The repayment schedule presents a significant financing challenge because governments do not necessarily settle maturing Eurobonds entirely from their annual budgets. The World Bank says refinancing has increasingly become the main approach used by African governments when Eurobonds mature.

That means Ghana could need to return to international capital markets to raise funds for some of its upcoming obligations, depending on market conditions and its fiscal position.

The wider regional picture is also demanding. The World Bank estimates that sovereign Eurobond principal maturing across 13 sub-Saharan African countries between 2024 and 2030 is about US$43.6 billion, after accounting for completed buybacks and liability-management operations.

Debt restructuring provides some breathing room

Ghana’s Eurobond restructuring, completed in October 2024, resulted in new instruments with maturities extending into 2029, 2030, 2035 and 2037, depending on the bond received by investors. The IMF says the restructuring involved a nominal haircut for most bondholders, while debt-service payments on the new instruments resumed after the exchange.

However, the restructuring did not eliminate Ghana’s future debt obligations. Instead, it changed the repayment profile and provided the country with additional time to rebuild its finances.

Pressure extends beyond Ghana

The World Bank’s assessment points to a broader refinancing challenge across Africa. The largest concentrations of Eurobond maturities in the region are expected in 2027 and 2029, with approximately US$6.6 billion and US$7.5 billion respectively due across the region.

The Bank has also warned that newer Eurobonds are increasingly being issued with shorter maturities, meaning governments could face refinancing pressures sooner than in the past.

For Ghana, the challenge will therefore be to maintain economic growth, strengthen government revenues and preserve investor confidence while preparing for substantial foreign-currency debt obligations.

The World Bank currently projects Ghana’s economy to grow by 4.8% in 2026, followed by 4.9% in 2027 and 5.0% in 2028.

The US$6.4 billion figure therefore represents an important test for Ghana’s post-restructuring economic strategy: whether stronger growth and improved fiscal management can generate enough financial space to meet future obligations without triggering another cycle of debt distress.