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Bond Market News
Ghana Strikes Restructuring Deal for $13bn Offshore Bonds
June 24, 2024
Ghana successfully struck a deal with investors holding $13bn of its dollar bonds. Sources said that the final terms will be announced this week, and would involve a haircut alongside changes to debt maturities. As per a source, this would involve an increase in the haircut rate to 37% from 33%. In its earlier agreement in April that was rejected by the IMF, they proposed a 33% haircut. However, it was rejected because it failed to show that it would meet IMF’s debt sustainability parameters. The latest talks were helped by better than expected GDP growth of 2.9% in 2023 vs. IMF estimate of 1.5% during the first-round of talks. Sources added that there are no sweeteners as part of this deal.
Ghana’s dollar bonds were trading stable with its 7.625% 2029 at 52.6 cents on the dollar.
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