International holders of Ghana’s Eurobond have constituted a committee to engage the government over the suspension of payments on selected external debts including Eurobonds, commercial term loans and on most of government’s bilateral debt.
The committee aims at securing an outcome that is both equitable to creditors and responsive to the economic and social challenges facing Ghana.
A statement issued by the holders on Monday (19 December) the committee said it has appointed Orrick, Herrington and Sutcliffe LLP as legal advisor and Rothschild & Co as financial advisor.
“The committee is focused on the orderly and comprehensive resolution of Ghana’s debt challenges, recognizing that such resolution will require fair burden-sharing and collaboration among the Ghanaian authorities, private creditors (both domestic and international) and official sector creditors.
“The committee welcomes the authorities’ ongoing engagement with the International Monetary Fund (the “IMF”) and the recent announcement of the Staff Level Agreement,” the statement said.
Membership
The Committee is representative of a diverse group of institutional investors including mutual funds, asset managers, insurance firms, hedge funds, and family offices.
Steering Members of the committee include the following holders (acting either directly or for and on behalf of the funds or the accounts they manage): Abrdn, Amundi (UK) Limited, BlackRock, Greylock Capital Management, Ninety-One.
Below is the full statement:
Fred Dzakpata
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