Ghana's bondholder committee for the defaulted Saderea bonds is pushing for more favourable restructuring terms than those being offered to Eurobond creditors.

The Saderea bonds, which total $253.2 million with a 12.5 per cent interest rate and are set to mature in 2026, have become a focal point of discussions as the committee considers potential legal action against the Ghanaian government, according to a report by REDD Intelligence's Giovanni Riva.

The bondholders argue that the Saderea bonds have distinct structural advantages compared to the country's Eurobonds, warranting better treatment in the debt restructuring process.

Among these advantages, the committee highlights the central bank's guarantee as a key factor setting Saderea bonds apart from other sovereign debts.

The country secured a $3 billion bailout from the International Monetary Fund (IMF), which mandated debt relief negotiations with creditors.

The Ghanaian government chose to carry out these talks through the newly established G20 framework at the time.

With Ghana still facing the challenge of restructuring $2.5 billion in non-bonded commercial debt, including the Saderea bonds, the country's broader $31 billion debt overhaul remains incomplete.

The ongoing negotiations are crucial to addressing the nation's financial difficulties and achieving long-term economic stability.

The push from Saderea creditors for improved terms adds another layer of complexity to Ghana's debt restructuring efforts, as the government tries to reconcile the competing interests of various creditors.

The negotiations could also influence future debt restructuring policies, especially regarding how structurally enhanced bonds are prioritized in comparison to traditional sovereign debt.