Ghana Moves Closer to Debt Restructuring Deal with International Bondholders

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ACCRA, June 24 (Reuters) – Ghana’s ongoing debt restructuring efforts advanced significantly on Monday as the government announced reaching an agreement in principle with holders of approximately $13 billion in international bonds.

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The development marks a pivotal moment in Ghana’s economic trajectory, following a series of critical events over the past two years:

• February 2022: Moody’s downgrades Ghana’s credit rating amid high credit risk.
• March 2022: Ghana’s central bank implements a record interest rate hike to combat inflation.
• April 2022: Parliament approves an e-levy tax on electronic payments.
• July 2022: After initial reluctance, Ghana requests IMF assistance amid economic hardships.
• December 2022: Ghana begins domestic debt exchange and enters staff-level agreement with the IMF.
• January 2023: Requests debt restructuring under the G20’s Common Framework.
• June 2024: Agreement in principle reached with international bondholders on debt restructuring.

The agreement underscores Ghana’s efforts to stabilize its financial footing and manage its debt burden, crucial steps towards economic recovery and sustainability.

David Okafor
David Okaforhttp://naija247news.com
David Okafor Foreign Affairs Editor, Naija247news Media Group David Okafor is the Foreign Affairs Editor at Naija247news Media Group, with over five years of experience in international journalism. He excels in delivering insightful and impactful coverage of global politics and economic trends. Holding a degree in International Relations, David is known for his investigative skills and editorial leadership. His work ensures Naija247news provides accurate and comprehensive analysis of world events, earning him respect in the media industry.

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