Ghana Reaches $13 Billion Debt Deal With Bondholder Groups To End Default

 

Ghana has reached an agreement in principle which two bondholder groups to restructure about $13 billion of its debt.

The announcement was made on Monday, June 24, 2024, making Ghana the second African country to reach the final stages of a debt overhaul.

According to the Ministry of Finance, the agreement will see Ghana’s bondholders forego about $4.7 billion of their loans and cash flow relief of about $4.4 billion up until 2026 when Ghana’s current program with the International Monetary Fund comes to an end.

The Finance Ministry said in a statement that “the formal launch of the consent solicitation is expected in the upcoming weeks.”

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