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Bond Market News
Ghana Starts Second Round of Restructuring Talks
June 20, 2024
Ghana has begun its second round of talks with bondholders to restructure $13bn of offshore bonds. This comes after the first round of talks earlier this year were stalled as Ghana’s proposal breached the IMF’s debt sustainability parameters. Ghana’s bondholders are now working with updated information on the nation’s country’s IMF-based macro-framework. Both Ghana and its bondholders have entered into NDAs and the discussions have been covered by temporary trading limitations due to potential market sensitive information. Ghana is currently awaiting the IMF executive board’s vote on June 28 regarding its second review as part of the $3bn ECF program announced in May 2023. A $360mn disbursal from the IMF is expected, pending the multilateral lender’s review. This comes after Ghana agreed on an MoU with its Official Creditor Committee (OCC), including China and France for relief on its debt owed to them.
Ghana’s dollar bonds were trading stable with its 7.875% 2035s at 52.38, yielding 17.8%.
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