Accra, Ghana, 29th May 2025. The Government of the Republic of Ghana (the “Government”), advised by Lazard Frères and Hogan Lovells US LLP, acting respectively as the Government’s financial and legal advisors, held private discussions with an ad hoc committee of holders of the U.S.$253,189,000 12.5 per cent. Senior Secured Amortising Bonds due 2026 (the “Saderea Notes”) with an outstanding principal amount of U.S.$117,774,025 (the “Saderea Ad Hoc Committee”). The members of the Saderea Ad Hoc Committee currently are advised by Cleary Gottlieb Steen & Hamilton LLP regarding a potential restructuring of the Saderea Notes and own or control approximately 60 percent of the outstanding Saderea Notes.
During such discussions, the Government presented to the Saderea Ad Hoc Committee a proposal (the “First Government Proposal”) (Annex A) that was deemed by the Government to be compatible with the Government’s constraints in relation to (i) its Debt Sustainability Framework under the IMF programme and (ii) the principle of Comparability of Treatment. Members of the Saderea Ad Hoc Committee rejected the First Government Proposal, requested to receive newly issued Notes through a re-opening of certain existing Notes issued by the Republic of Ghana as part of the October 2024 Debt Exchange and made a counterproposal (the “Saderea Ad Hoc Committee Proposal”) (Annex B) to the Government. The Government views the Saderea Ad Hoc Committee’s Proposal as incompatible with the principle of Comparability of Treatment notably as it does not contribute to any present value reduction (Annex D). The Government subsequently shared with the Saderea Ad Hoc Committee a revised proposal (the “Second Government Proposal”) (Annex C) that it believes is compatible with the principle of Comparability of Treatment and the IMF programme parameters while also satisfying the Saderea Ad Hoc Committee’s request to receive more liquid instruments. Members of the Saderea Ad Hoc Committee rejected the Second Government Proposal and declined to extend the date for disclosure under the non-disclosure agreement in place between the parties.
During the course of the aforementioned private discussions, the Government provided certain information to the Saderea Ad Hoc Committee that may be considered “price sensitive” or “material non-public information,” including the information contained in Annex A and Annex C hereto.
The Government intends to continue its good faith engagement with the Saderea Ad Hoc Committee with the objective of finding an agreement that aligns with the principle of Comparability of Treatment and the Government’s debt sustainability objectives.
This announcement is made by the Government of the Republic of Ghana and constitutes a public disclosure of inside information under Regulation (EU) 596/2014 (16 April 2014).