- Ministry of Finance announced a key step forward
- This aligns with the principle of comparable treatment
- Bondholders will accept a 37% loss
Ghana’s Ministry of Finance announced a key step forward in its debt restructuring efforts.
A critical agreement with Eurobond holders, confirmed by the Official Creditor Committee (OCC), ensures all external creditors will be treated equally.
This aligns with the principle of comparable treatment, a core requirement for successful debt restructuring.
“This is a critical step…securing long-term financial stability for Ghana,” the Ministry stated.
The agreement follows a similar deal reached with private creditors two weeks ago, restructuring roughly $13 billion in external debt.
Bondholders will accept a 37% loss on their holdings, while providing over $9 billion in debt relief throughout the IMF program.
This progress comes after Ghana halted external loan payments in December 2022. Negotiations have been a major hurdle in the restructuring process.
The successful agreement with Eurobond holders, along with completion of a recent IMF program review, has unlocked a significant loan disbursement.
Ghana is restructuring nearly all its $43 billion debt under the G20’s Common Framework, which includes China and other major lenders.
