Ghana is facing about US$6.4 billion in sovereign Eurobond principal maturities between 2027 and 2030, placing continued pressure on the country’s debt managers to maintain fiscal discipline and secure sustainable financing arrangements, the World Bank has disclosed. Editorial Standards
The figure is contained in the World Bank’s October 2026 Africa Economic Update, which highlights the growing refinancing pressures confronting several Sub-Saharan African economies as large volumes of international bonds approach maturity.
Ghana’s projected obligations place it among the African countries with the largest Eurobond maturities over the period.
South Africa is expected to face the biggest repayment burden at about US$11.8 billion, while Nigeria also has approximately US$6.4 billion in maturities.
Angola follows with about US$3.9 billion, while Kenya, Côte d’Ivoire and Zambia face maturities of approximately US$3.2 billion, US$2.8 billion and US$2.2 billion respectively.
The World Bank said the maturity profiles of these countries reflect a combination of borrowing undertaken before recent debt restructuring exercises and new instruments issued through subsequent debt exchanges.
For Ghana, the figures are particularly significant because the country has only recently emerged from one of its most challenging debt crises in decades.
Ghana completed its Eurobond debt exchange in October 2024 as part of a broader restructuring programme designed to restore debt sustainability and ease immediate financing pressures.
The restructuring involved the conversion of defaulted international bonds into new securities with revised repayment schedules and terms.
While the exercise provided substantial relief, the new maturity profile means Ghana must continue preparing for significant obligations in the coming years. Corrections Policy
The World Bank’s assessment suggests that the completion of debt restructuring should not be viewed as the end of Ghana’s debt-management challenges.
Instead, the country must now ensure that the gains achieved through restructuring are supported by prudent fiscal management and policies that strengthen investor confidence.
According to the report, Ghana’s sovereign spreads, which reflect the premium investors demand to hold the country’s debt compared with safer benchmark assets, declined sharply from about 2,828 basis points in 2023 to 239 basis points by August 2026.
The improvement followed Ghana’s debt restructuring, fiscal adjustment measures and progress under its International Monetary Fund-supported programme.
The World Bank also noted that Ghana had been reclassified as having a moderate risk of debt distress, signalling an improvement from the severe pressures experienced during the height of the debt crisis.
Despite the improved market conditions, the US$6.4 billion maturity burden means the government will need to carefully manage its financing strategy.
Large debt repayments can place pressure on foreign exchange reserves and public finances if they are not adequately planned for.
The broader African picture also demonstrates the scale of the challenge.
The World Bank estimates that sovereign Eurobond principal maturities across 13 Sub-Saharan African countries between 2024 and 2030 amount to about US$43.6 billion after accounting for buybacks and other liability-management operations completed through August 2026.
The repayment pressures are not evenly distributed across the period.
The World Bank identified 2027 and 2029 as particularly significant years, with approximately US$6.6 billion and US$7.5 billion respectively in maturities across the countries covered.
For many African governments, refinancing rather than paying maturing bonds directly from fiscal resources has been the principal approach.
However, refinancing comes with its own risks, particularly when international interest rates are high or investor confidence weakens.
Ghana’s improved market position could provide greater flexibility than during the period when the country was locked out of international capital markets. Editorial Ethics & Independence
However, maintaining that confidence will depend on the government’s ability to keep inflation, fiscal deficits and debt accumulation under control while continuing to implement economic reforms.
The country’s debt-management strategy will therefore be closely watched as the maturity dates approach. Any deterioration in fiscal conditions or renewed concerns about debt sustainability could increase borrowing costs and make refinancing more difficult.
Ghana’s existing Eurobond portfolio has already undergone significant changes through the restructuring process.
The government’s 2025 Annual Public Debt Report indicated that outstanding Eurobonds stood at approximately US$8.38 billion at the end of 2025, down from US$9.24 billion at the end of 2024.
The report also showed that the restructured instruments include bonds maturing in 2029, 2030, 2035 and 2037.
The latest World Bank assessment therefore highlights an important transition in Ghana’s debt story.
The immediate crisis that triggered the restructuring may have eased, but the country must now demonstrate that it can manage its restructured obligations without returning to unsustainable borrowing.
For policymakers, the priority will be to preserve the fiscal and economic gains achieved during the restructuring period, strengthen domestic revenue mobilisation and maintain sufficient liquidity to meet future external obligations.
As Ghana moves toward 2030, the ability to manage the US$6.4 billion in Eurobond maturities will be an important test of the country’s renewed debt-management framework and its broader economic recovery.