Ghana reached a $3bn IMF Extended Credit Facility agreement in May 2023 after its 2022 sovereign default — the first West African sovereign default in modern times. By December 2025 Ghana resolved a $750 million Afreximbank facility as part of external debt restructuring. Eurobond restructuring is ongoing in 2026. Ghana’s recovery is critical for West African capital market confidence.
Capital Details
Market Significance
Ghana's 2022 default was the first West African sovereign default in modern times — a major shock to regional capital markets. Its successful IMF programme and partial restructuring is being monitored by all West African sovereign borrowers.
Risk / Considerations
Eurobond restructuring negotiations still ongoing. Ghana's recovery depends on gold and cocoa export revenues and continued fiscal discipline.