bondholders

The Finance Minister, Dr. Mohammed Amin Adam has asked bondholders to accept the terms reached on restructuring some $13.1 billion owed Eurobond holders. According to him, Ghana will launch the consent solicitation in the coming weeks to implement the “agreement in principle reached for restructuring the $13.1 billion Eurobond debts”. He disclosed this at the 11th Edition of Paris Forum which was held on the theme “For Successful Debt Treatment for Future Investment Summit” in France. “We remain committed to engaging and resolving our non-bonded commercial indebtedness”, Dr. Amin Adam said. Background The committee of holders of Ghana’s Eurobonds on…

The Committee of holders of Ghana’s Eurobonds has announced that it has reached an agreement in principle with the government of Ghana on a restructuring of the Eurobonds. This was captured in a statement released by the Bondholder committee today, Monday, June 24. Details of the Agreement The statement showed that the proposed agreement on the restructuring of the Eurobonds will resolve Ghana’s default on the Eurobonds in a manner that, “It will provide significant cash flow and debt stock relief to support Ghana’s economic recovery in the context of the IMF-financed programme.” “Alongside debt relief, the Committee recognises that…

Ghana has reached an agreement in principle with its bondholders for the restructuring of $13 billion worth of international debt, three sources told Reuters on Thursday, on the heels of a deal finalised with official creditors earlier this month. The deal will see bondholders take a haircut on principal of up to 37% and maturity of the bonds lengthened, two of the sources said. Ghana defaulted on most of its $30 billion in external debt in 2022, under the strain of the COVID-19 pandemic, the war in Ukraine and higher global interest rates and surging debt. Like Zambia, Ghana also signed up…