01
Aug
Ghana is inviting local pension funds to a debt restructuring deal that gives the state fiscal space in the medium-term at no loss to the retirement funds. Pension funds have been offered to exchange about 31 billion cedis ($2.7 billion) of existing investments that carry an average coupon of 18.5% for two new bonds maturing in 2027 and 2028 with an average interest rate of 8.4%, the Ministry of Finance said in an exchange memorandum late Monday. The government will also give holders more of the securities — which were issued in February — and an additional cash-payment instrument that…