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Bond Market News
Ghana Plans Debt Exchange Amid Restructuring Deal
July 2, 2024
Ghana plans to start its eurobond exchange program in July and hopes to conclude it by September, after reaching an agreement with private creditors to restructure $13bn of debt. The next steps involve launching a consent solicitation and the exchange memorandum. For this, the official creditor committee will have to assess whether the debt deal fulfills the ‘comparability-of-treatment principle’. This would ensure that debt losses are well shared between bondholders and bilateral lenders. Conclusion of the debt exchange will also mark the end of Ghana’s offshore debt restructuring. As per Bloomberg, bondholders and official creditors will get a $4.7bn and $2.8bn in debt service relief.
Ghana’s dollar bonds were trading stable with its 7.625% 2029s at 50.5 cents on the dollar.
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