Ghana completes exchange of SADEREA notes; legacy bonds cancelled and new tap notes made fungible with 2035/2037
On 13 July 2026 (value date 10 July 2026) Ghana completed the exchange of the outstanding Saderea Notes (U.S.$117,773,027.98 outstanding), cancelled all Saderea Notes and delivered tap notes that are fungible with the Republics existing 2035 and 2037 Eurobond series.
The desk brief
On 13 July 2026 (value date 10 July 2026) Ghana completed the exchange of the outstanding Saderea Notes (U.S.$117,773,027.98 outstanding), cancelled all Saderea Notes and delivered tap notes that are fungible with the Republics existing 2035 and 2037 Eurobond series.
Removing the Saderea legal overhang and making new paper fungible with the 2035/2037 series should materially improve secondary-market liquidity for those maturities and reduce idiosyncratic legal risk tied to the Saderea issuer. Conditional on market demand, this can narrow liquidity premia and support price discovery in Ghanas USD curve; actual spread or yield moves will depend on global risk sentiment, benchmark yields and local investor flows.
Monitor secondary-market turnover and dealer price discovery in the 2035/2037 lines and any rating agency commentary or IMF/public creditors updates.
Sources & verification
Developing storyFurther independent confirmation is required.
- The Government of the Republic of Ghana Completes Exchange of Saderea Notesmofep.gov.gh (opens in a new tab)
- Ghana completes SADEREA Notes exchange as external debt restructuring nears completion - MyJoyOnlinemyjoyonline.comSource published (opens in a new tab)
Public references supporting this brief.
Price Discovery
Ghana sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Ghana 29Jul 202997.0007.438%
- Ghana 30Jan 203088.7507.374%
- Ghana 35Jul 203588.1258.224%
- Ghana 37Jan 203754.6258.460%
Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.
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