The Government of Ghana has provided updates on a stakeholder meeting with key holders of Saderea Limited bonds, marking progress in efforts to address one of the country’s remaining external debt obligations.

In a report shared by the Minister of Finance, Dr Cassiel Ato Forson, on X on January 6, 2025, the Ministry noted that, with advice from Lazard Frères and Hogan Lovells US LLP, the government held a private meeting with holders of the Saderea Notes.

The discussions focused on a potential debt treatment framework that could form the foundation of a broader agreement between the parties.

According to the Ministry, both sides explored a “joint working scenario” designed to foster mutual understanding on financial terms. The Saderea Notes holders and other investors, who control about 97.5% of the outstanding notes, remain engaged in further refinement and negotiation of the terms.

“During the above-referenced discussions, the Government and the Saderea Ad Hoc Committee discussed a joint working debt treatment scenario (the ‘Joint Working Scenario’) that could form the basis of a mutual understanding on financial terms, detailed in Annexe A hereto,” the statement read.

The Ministry explained that the Joint Working Scenario complements previous efforts by Saderea Notes holders under Ghana’s 2024 Eurobond Debt Exchange. Meanwhile, the Official Creditor Committee (OCC) Secretariat is assessing whether the proposed economic terms align with the Comparability of Treatment principle.

The government and the Saderea Ad Hoc Committee have agreed to continue negotiations toward a conclusive agreement. However, the Ministry cautioned that ongoing discussions do not guarantee a final deal.

“The government and the Saderea Ad Hoc Committee intend to continue discussions regarding the Joint Working Scenario and other matters related to a potential agreement between the parties. There is no assurance that any such agreement will be reached,” the statement concluded.