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Makola market in Accra, Ghana. Photographer: Ernest Ankomah/Bloomberg

Ghana received “overwhelming” participation and support from its international bondholders to restructure $13 billion of eurobonds, a key step marking the conclusion of the West African nation’s debt rework.

Over 90% of bondholders agreed to a debt exchange following a consent solicitation, paving the way for the government to issue new bonds to investors to replace existing ones, the government said in a statement Thursday.

Investors will swap their securities for new notes on or around Oct. 9, with the complete settlement process expected to be finalized shortly thereafter, according to the statement.

The results mark a resolution after Ghana unilaterally halted payments on most of its external debt in 2022 and kicked off a revamp process. The country also agreed to a $3 billion bailout program with the International Monetary Fund in May of 2023 to help set its debt obligations onto a sustainable path as interest payments consumed more than half of government revenues.

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