Ghana faces refinancing pressures as Eurobonds near maturity – World Bank
Ghana and several Sub-Saharan African countries could face significant refinancing pressures in the coming years as previously issued Eurobonds approach maturity, the World Bank has warned.
In its October 2025 edition of the Africa Pulse Report, the World Bank stated that the looming bond redemptions pose serious risks to debt sustainability across the region, particularly for countries already grappling with tight fiscal conditions and limited access to global capital markets.
According to the report, Ghana faces a bond redemption of USD500 million, equivalent to 0.7 per cent of Gross Domestic Product (GDP), in 2025. The figure is expected to rise sharply to 1.2 per cent of GDP in 2026 as additional bonds mature.
The World Bank cautioned that these repayments could strain fiscal buffers and complicate efforts to maintain macroeconomic stability, especially as countries continue to navigate post-debt restructuring adjustments and tighter global financing conditions.
The report identified South Africa as having the largest bond redemptions in the region between 2025 and 2027, amounting to 3.0 per cent of GDP over the three-year period. Senegal, it added, faces total bond redemptions of USD1.1 billion between 2025 and 2028, with nearly one-third of the amount maturing in 2026.
The World Bank further noted that funding costs remain elevated, reflecting persistent uncertainty in global financial markets and continued volatility in United States monetary policy.
“Policy uncertainty in the United States continues to weigh heavily on benchmark rates for many developing countries,” the report stated.
It noted that elevated global risks and tighter financial conditions have reinforced market fragmentation and raised borrowing costs, making it increasingly difficult for frontier and emerging markets to refinance maturing debts on favourable terms.
The World Bank urged African governments to strengthen debt management frameworks, diversify funding sources and deepen domestic capital markets to mitigate the risks associated with external refinancing.
“Building resilience through prudent fiscal management and transparent debt reporting remains essential to safeguarding macroeconomic stability,” the report added.
