Ghana has reached an agreement in principle with two bondholder groups to restructure some $13bn of international debt, a negotiating group said Monday, marking a key step in the country’s economic recovery under an International Monetary Fund (IMF) loan deal.
The deal includes significant concessions from bondholders and aims to stabilise the nation’s financial situation.
Under the agreement, bondholders will forego about $4.7bn of their claims, resulting in a 37% effective nominal haircut, an increase from the initial 33% offer.
The deal also provides approximately $4.4bn in cash flow relief during the period of Ghana’s financial support programme with the IMF, which is scheduled to end in 2026.
“The proposed agreement on the restructuring of the Eurobonds will resolve Ghana’s default on the Eurobonds in a manner that provides significant cash flow and debt stock relief to support Ghana’s economic…
Source: Guardian Newspaper
