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Bond Market News
Ghana Bondholders Need to Take More Haircut – NGOs
June 7, 2024
Ghana’s dollar bondholders need to take more losses to match the payment cuts accepted in countries like the UK and China, according to NGOs. They added that bondholders must agree to a 50% debt payment reduction if they are to match the terms received by bilateral creditors. The African nation is restructuring $44bn of its debt for a $3bn IMF program to be approved. The IMF rejected an initial pact between Ghana and bondholders in April because it failed to demonstrate that it will help cut the country’s debt ratio to 55% of GDP by 2028. Ghana last month received a draft MoU from the official creditor committee, which is currently under negotiation. If Ghana agrees to the MOU, it will unlock $360mn of funds from the IMF, bringing the total amount received under the program to $1.56bn.
Ghana’s dollar bonds continue to trade at 51-52cents on the dollar.
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