Ghana gets deal on foreign debt restructuring

Ghana has reached an agreement in principle with two bondholder groups to restructure some $13bn of international debt, a negotiating group said Monday, marking a key step in the country’s economic recovery under an International Monetary Fund loan deal.

Under the agreement, bondholders will forego about $4.7bn of their claims, resulting in a 37% effective nominal haircut, an increase from the initial 33% offer. “The proposed agreement on the restructuring of the Eurobonds will resolve Ghana’s default on the Eurobonds in a manner that provides significant cash flow and debt stock relief to support Ghana’s economic recovery,” said the committee of holders of Ghana’s Eurobonds on Monday.

The local cedi currency has lost more than 20% of its value against the US dollar in the market this year.

Source: Loan Digest (loandigest.net)

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