Eurobond repayment: Ghana faces US$6.4bn repayment burden between 2027 and 2030 – World Bank

The World Bank has disclosed that Ghana will face a staggering US$6.4 billion Eurobond repayment burden between 2027 and 2030. South Africa carries the largest repayment obligation in Africa at US$11.8 billion, with maturities every year of the period. Nigeria and Angola also have significant repayments of US$6.4 billion and US$3.9 billion respectively. Kenya, Côte d'Ivoire, and Zambia round out the top five with US$3.2 billion, US$2.8 billion, and US$2.2 billion respectively.

According to the World Bank's October 2026 Africa Economic Update, 2024 saw particularly high redemption pressures, with Côte d'Ivoire, Ethiopia, Kenya, Senegal, and Zambia collectively facing around US$6.4 billion in maturing obligations, the most concentrated repayment year in the current cycle. Refinancing operations by Angola, Kenya, and Côte d'Ivoire have alleviated some of the pressure for the 2028 period, reducing the concentration to approximately US$5.5 billion.

However, financing challenges persist throughout the remainder of the 2027-2030 window, with 2029 and 2027 carrying the highest forthcoming concentrations at US$7.5 billion and US$6.6 billion respectively.

Sovereigns are primarily responding to maturing Eurobonds through refinancing rather than repayment from fiscal resources or restructuring. Kenya extended the maturities of its US$2 billion Eurobond maturing in 2024 by issuing US$1.5 billion at a yield of 10.4%, supplemented by budget resources. Zambia successfully canceled its outstanding US$1.36 billion Fixed-Rate Step-Up Amortizing Notes due 2053 through a historic liability management operation.

Ethiopia also restructured its US$1 billion debut Eurobond after reaching an Agreement in Principle with private bondholders in June 2026, resolving a prolonged negotiation impasse.