Hogan Lovells guides Republic of Ghana in first-of-its-kind domestic debt exchange

Press releases | 03 October 2023

New York, Houston, 3 October 2023 — A team from global law firm Hogan Lovells has advised The Republic of Ghana in a groundbreaking, first-of-its-kind comprehensive domestic debt exchanges, a significant step in restoring the sustainability of the of the West African nation’s public debt and an important milestone towards the completion of a holistic Sovereign Debt Restructuring process for which Hogan Lovells was retained in the summer of 2022, along with Lazard as a financial advisor.

The recent three public debt exchanges, in line with International Monetary Fund requirements, involved U.S. dollar-denominated local bonds with a total par value of US$742 million; bills issued by the Ghanaian Cocoa Board (approximately US$670 million); and of Pension Funds holdings of Treasury Bonds (approximately US$2.6 billion). This accomplishment follows the successful exchange of Treasury Bonds in February 2023 (approximately US$12 billion); amounting for a total domestic debt restructuring of approximately US$16 billion.

In an statement confirming the conclusion of the restructuring, the Ghanaian Ministry of Finance commented: “[We] now look forward to making progress in the restructuring of external debt, encompassing Eurobonds, commercial loans and bilateral debt, as well as IPPs. These ongoing efforts will further strengthen Ghana's financial stability and boost our economic growth prospects.”

The Hogan Lovells team was led by partners Evan Koster, ( New York) , Bruno Ciuffetelli (Houston), and Ron Silverman (New York), with support from senior associates Juan Moreno (New York) and Jennifer Lee (Washington, D.C.). Partners Dennis Tracy (New York) and Alex Sciannaca (London), associate Guntash Gill (London) provided advice regarding sovereign immunity issues.

Addison Bright Sloane represented Ghana as local counsel.