Ghana Exits Eurobond Default as Zambia Leads Africa Debt Crisis Rebound

Macro · Africa

—The stakes. Africa’s largest frontier borrowers face a 2026 wall of Eurobond maturities, IMF reviews and post-restructuring credibility tests.

—The Ghana record. Ghana converted US$13.1 billion of Eurobonds into new instruments in October 2024, cutting nominal debt by 37 percent and saving US$4.3 billion in debt service through 2026.

—The Zambia signal. Zambia completed its Eurobond exchange in June 2024, emerging as the first Common Framework test case for creditor burden-sharing.

—The investors’ lens. Bondholders now weigh Ghana’s RD rating, Zambia’s repayment path and the looming maturities of Kenya, Egypt, Nigeria and Ethiopia.