Ghana Said Bondholders Overwhelmingly Support Debt Restructuring

Ghana received “overwhelming” participation and support from its international bondholders to restructure $13 billion of its overseas bonds, a key step of the West African nation’s debt rework.

Investors will swap their securities for new notes on or around Oct. 9, with the complete settlement process expected to be finalized shortly thereafter, according to a statement from the government on Thursday.

 

The agreement marks a resolution after the country halted payments on most of its external debt in 2022. The country secured a $3 billion bailout from the International Monetary Fund as debt interest payments consumed more than half of government revenues.

Source:norvanreports.com