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Ghana will exit a debt default after the west African nation completed a restructuring of $13bn in US dollar bonds, paving the way for a return to global capital markets almost two years after an economic crisis forced it to suspend debt repayments.

Almost all bondholders voted to exchange their bonds for new debt worth $4.7bn less, lowering Ghana’s debt bill by more than $4bn in the next two years, the government said in a

statement on Thursday.

“Today, our economy has turned a corner,” President Nana Akufo-Addo, who is stepping down in the elections after two terms, said in a statement. “We’ve accomplished what everyone said was impossible — we decisively resolved Ghana’s debt overhang problem.”

Ghana is the latest country to finish a debt restructuring this year as investors and governments come to the end of a series of often protracted talks to resolve a wave of sovereign defaults that followed the Covid-19 pandemic.

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