The Ministry of Finance has disclosed that preliminary negotiations have taken place with an ad hoc committee representing investors in the US$253.19 million Senior Secured Amortizing Bonds maturing in 2026, widely known in financial circles as the Sadeera Notes.
The bonds, which carry a relatively high coupon rate of 12.5 percent, currently have an outstanding principal of approximately US$117.77 million. These obligations form part of the government’s broader external debt portfolio, which authorities are seeking to reorganise amid ongoing fiscal pressures and efforts to restore long-term debt sustainability.
According to the Ministry, the recent engagements were supported by the government’s financial and legal advisers, Lazard Frères and Hogan Lovells US LLP. During the meetings, both sides examined a so-called “Joint Working Scenario” that could serve as the basis for a possible restructuring arrangement. Officials explained that the emerging framework takes inspiration from the structure used in Ghana’s 2024 Eurobond debt exchange, although it remains a work in progress and subject to further technical adjustments and negotiations.
The Ministry noted that both the government and the bondholder committee share the view that the evolving proposal is broadly consistent with the Organisation for Economic Cooperation and Development (OECD) standards on debt comparability, which aim to ensure fair and balanced treatment across different creditor groups.
Despite this convergence in principle, the government stressed that discussions are still at an exploratory stage. No binding agreement has been reached, and there is no certainty that negotiations will ultimately result in a finalized deal.
Nonetheless, the Ministry acknowledged the Sadeera Ad Hoc Committee for what it described as constructive and professional engagement over the past three weeks. It added that talks will continue as both parties work toward a mutually acceptable solution.
Story by Freedom Etsey Lavoe/Ahotoronline.com