S&P Global Ratings

Ghana’s Eurobonds Extend Declines As Restructuring Hits Snag

Ghana’s Eurobonds Extend Declines As Restructuring Hits Snag

Ghana’s Eurobonds extended declines on Wednesday, March 1, 2023, after the country missed a self-imposed deadline to restructure its bilateral debt and S&P Global Ratings warned bondholders face larger losses than anticipated. The nation’s 2032 dollar securities dropped 0.5% to 36.8 cents in the dollar by 8:18 a.m. in London, bringing their decline this week to 1.7%. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February 2023 to help qualify for a $3 billion International Monetary Fund programme. o far, Ghana has only partially completed the domestic-debt part of the exchange programme. Meanwhile,…
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