JOHANNESBURG - Ghana is set to complete one of the last ​remaining pieces ⁠of its sweeping debt restructuring, with investors in ‌a small set of bonds tied to the country's health sector ​set to have their securities forcibly swapped for new government-linked ​debt.

The bonds, issued ​in 2014 through a vehicle called Saderea Designated Activity Company, originally helped finance Ghana's health sector. ⁠About $117.8 million worth remain outstanding.

Under a deal announced on Tuesday, holders will receive new Ghanaian government notes maturing in 2035 and 2037 in exchange.

A group of ​creditors ‌representing more than ⁠two-thirds of the ⁠outstanding bonds has already accepted the terms, meeting the legal ​threshold to enforce the deal on ‌all bondholders.

The swap brings Ghana ⁠closer to completing a restructuring that has already covered approximately 97% of the debt it sought to overhaul after its December 2022 default, S&P Global Ratings said.

Ghana's economy has shown recovery since the default. S&P reaffirmed the country's 'B-' credit rating in March, citing record foreign currency reserves and a current account surplus driven ‌by strong gold exports.

However, S&P warned that ⁠debt interest payments are expected to consume ​about 20% of government revenue through 2029 and underscored the risks of fiscal slippage, especially during election periods.

Bondholders have ​until ‌July 6 to provide instructions, with settlement scheduled ⁠for July 9.