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Business News of Tuesday, 9 July 2024


Source: Reuters

Ghana gets green light for bond rework from official creditors

Dr. Mohammed Amin Adam Dr. Mohammed Amin Adam

Ghana has made significant progress in restructuring its international bonds, with its official creditors confirming that the proposed debt rework aligns with the Comparability of Treatment principle.

This principle ensures equal treatment for different types of creditors. The Finance Ministry announced that the Official Creditor Committee (OCC) has approved the agreement with Eurobond holders.

Economist Leeuwner Esterhuysen noted that this approval allows Ghana to issue new bonds soon.

Ghana reached a deal in January to restructure $5.4 billion in loans and an agreement in June to restructure $13 billion in international bonds. The country defaulted on $30 billion in external debt in 2022.

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