ACCRA - Ghana suspended payments on part of its foreign debt on Monday as the country undertakes debt restructuring in line with a bailout deal with the International Monetary Fund .
"This suspension will include the payments on our Eurobonds; our commercial term loans; and on most of our bilateral debt," it said. Once seen as an investor favourite, Ghana struggled recently with its debt burden. The government spends more than half of its revenues on debt servicing. The fall in the cedi increased debt values by $6 billion just this year.Last week, Ghana agreed on a $3 billion credit deal with the IMF to tackle its economic crisis.
Source: Loan Digest (loandigest.net)
Foreign denominated debt claims another emerging economy. 🤷🏾♂️
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