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Bond Market News
Ghana to Receive $360mn IMF Disbursal Following Restructuring Deal
July 1, 2024
Ghana will receive $360mn from the IMF after the nation successfully struck a deal with investors holding $13bn of its dollar bonds last week. Following the IMF’s disbursal, Ghana will have received $1.56bn from the IMF as part of the multilateral lender’s overall $3bn ECF three-year program that began in May 2023. Ghana’s restructuring deal involves an increase in the haircut rate to 37% from 33%. The IMF said that Ghana’s performance under the IMF’s program has been “generally strong” with a “favorable” medium-term outlook. Later this year, Ghana will prepare for its presidential and parliamentary elections which analysts believe can increase the risk of election-related budget surges.
Ghana’s dollar bonds were trading slightly weaker with its 7.625% 2029s at 51 cents on the dollar.
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