The Government of Ghana has held constructive private discussions with key holders of Saderea Limited bonds as part of ongoing efforts to restructure the country’s external debt.

In a statement issued on Tuesday, January 6, 2026, the Ministry of Finance said the talks involved an ad-hoc committee representing holders of the 12.5 per cent Senior Secured Amortising Bonds due 2026, originally issued by Saderea Limited. The bonds had an initial principal value of about US$253 million, with an outstanding balance of approximately US$118 million.

The Saderea bondholders’ committee, which controls or represents about 97.5 per cent of the outstanding notes, is advised by international law firm Cleary Gottlieb Steen & Hamilton LLP.

The Government is being supported by Lazard Frères as financial advisor and Hogan Lovells US LLP as legal advisor.

According to the statement, discussions focused on a proposed joint debt treatment framework, referred to as the “Joint Working Scenario,” which could serve as the basis for a mutually acceptable restructuring agreement.

The proposal also takes into account concessions already made by Saderea bondholders during Ghana’s 2024 Eurobond Debt Exchange.

The Government and the bondholders’ committee believe the proposed framework aligns with the international principle of Comparability of Treatment, which requires similar treatment across creditor groups.

The Official Creditor Committee (OCC) Secretariat is currently reviewing the proposal to assess its consistency with this principle.

Both parties have agreed to continue negotiations on the proposed restructuring and related issues, although the Government cautioned that there is no guarantee an agreement will ultimately be reached.

The Government expressed appreciation to the Saderea bondholders’ committee for what it described as constructive and cooperative engagement over the past three weeks.

The Ministry of Finance noted that the disclosure forms part of Ghana’s obligations under international market regulations governing the release of price-sensitive information.