Ghana faces Eurobond repayment of US$6.4 billion with interest between 2027 and 2030, the World Bank has revealed.
In Africa, South Africa faces the largest repayment burden of US$11.8 billion, with maturities in every year of the period.
It is followed by Ghana (US$6.4 billion), Nigeria (US$6.4 billion), and Angola (US$3.9 billion), whose maturity profiles reflect a combination of pre-restructuring borrowing and post-restructuring exchange instruments.
Kenya (US$3.2 billion), Côte d’Ivoire (US$2.8 billion), and Zambia (US$2.2 billion) complete the next tier of maturities.
According to the October 2026 Africa Economic Update, redemption pressures were particularly acute in 2024, when Côte d’Ivoire, Ethiopia, Kenya, Senegal, and Zambia collectively faced approximately US$6.4 billion in maturing obligations, making it the most concentrated repayment year in the current cycle.
Additionally, liability management operations by Angola, Kenya, and Côte d’Ivoire have reduced the 2028 concentration to approximately US$5.5 billion, but refinancing pressures remain significant across the remainder of the window — with 2029 ($7.5billion) and 2027 ($6.6 billion) carrying the largest forthcoming concentrations.
Maturing Eurobonds has Been Refinancing
For most sovereigns, the World Bank said primary response to maturing Eurobonds has been refinancing rather than repaying from fiscal resources or restructuring.
Kenya rolled over its US$2 billion Eurobond maturing in 2024 through a US$1.5 billion issuance at a yield of 10.4%, supplemented by budget resources, thereby extending maturities while increasing future debt service costs relative to the original 6.9% coupon.
Ghana also addressed its Eurobond obligations through the debt exchange completed in October 2024, converting defaulted bonds into restructured instruments.
Zambia successfully completed a historic liability management operation to buy back and permanently cancel its outstanding US$ 1.36 billion Fixed-Rate Step-Up Amortizing Notes due 2053. Ethiopia’s US$1 billion debut Eurobond, which matured in December 2024 after the country entered default in late 2023, was restructured following an Agreement in Principle reached with private bondholders on June 29, 2026, resolving a prolonged impasse in negotiations.
Meanwhile, the total Sub-Saharan African sovereign Eurobond principal maturing between 2024 and 2030 amounts to approximately US$43.6 billion across 13 countries, after adjusting for buybacks and liability management operations completed through August 2026.
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