The Minister of Finance, Dr. Mohammed Amin Adam has indicated that Ghana is back on the international capital market, following the successful conclusion of the $13 billion Eurobond debt restructuring.
Addressing the press in Accra, Dr. Adam described the development as positive turn that will accelerate Ghana’s financial position in the international market.
“We are back to the capital market. With this conclusion, our Eurobonds are going to start trading the very day we set off,” he said.
He announced that government is considering other factors before borrowing from the capital market.
“That is a decision we are yet to make, and so in due course, we will announce to the world when we will take additional debt,” he stressed.
Ghana completes Eurobond debt restructuring
Ghana made significant participation from investors in the Eurobond Debt Exchange Programme.
The development could help Ghana pass the third review being undertaken by the International Monetary Fund (IMF) mission currently in the country.
It could also help Ghana in fast-tracking the process of its debt reaching sustainable levels by 2028.
Background
In 2022, Ghana faced significant challenges due to the Covid-19 pandemic and the Russia-Ukraine conflict.
These events led to a substantial fiscal deficit and unsustainable debt levels, which in turn eroded international investor confidence in the nation.
Consequently, Ghana found itself cut off from access to international capital markets.
Source: Joy Business