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Bond Market News
Ghana Receives Draft Agreement From Creditors
May 27, 2024
Ghana received a final draft MoU from its bilateral creditors for its debt restructuring, according to its Finance Minister Mohammed Amin Adam. Ghana had reached an agreement in principle with its creditors earlier in January. Signing the draft MoU consistent with the January deal is an important next step which will take Ghana closer to unlocking $360mn of funds from the IMF. This would bring total disbursements under the IMF facility thus far to $1.56bn. Ghana had earlier reached a staff-level agreement with the IMF for the same in April. The finance minister also added that the IMF was preparing a new-debt sustainability analysis on Ghana.
Ghana’s dollar bonds have been among the top-performers across EM’s in May with its 7.625% 2029s trading at 50.7 cents on the dollar, yielding 25.8%.
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