Debt restructuring: Ghana reaches “agreement in principle” with bondholder committee

The proposed agreement on restructuring Eurobonds will resolve the national default on Eurobonds in a manner that provides significant cash flow and debt stock relief to support Ghana’s economic recovery under the IMF-financed programme

Ghana has reached an agreement in principle with the committee of holders of the country’s Eurobonds on a restructuring of this element of the national external debt.

The members of the international committee currently own or control approximately 40% of the outstanding bonds.

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 national economic recovery under the country’s IMF-financed programme.

The deal comes a week after Ghana struck another agreement with bilateral creditors, paving the way for the IMF’s executive board to sign off on the disbursement of US$360 million after the second review of Ghana’s US$3 billion extended credit facility programme.

“Implementation of the agreement-in-principle is subject to mutual agreement on deal documentation and other stated conditions,” the committee said in a statement issued on Monday (24 June 2024).

The committee has also encouraged all holders of the Eurobonds to consider carefully the terms of the government’s prospective offer in relation to the “agreement in principle”, and to make their own independent appraisal of the merits and risks of participation.

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