World Bank Provides $372m Guarantee Payment For Ghana’s 2030 Eurobond After Default

The Government of Ghana defaulted on its coupon payment for the 2030 Eurobond on April 14, 2023, due to the debt moratorium declared on December 19, 2022. However, the International Development Association (IDA) of the World Bank has made a guarantee payment of $372 million on behalf of the Ghanaian government to cover the Eurobond. The payment was made on April 20, 2023. In 2015, Ghana approached the World Bank for assistance when it faced challenging market conditions, had high debt levels maturing soon, and lacked access to international financial markets. The Ministry of Finance requested a policy-based guarantee and…