https://en.sputniknews.africa/20240415/ghana-reportedly-fails-to-reach-agreement-on-debt-restructuring-1066073439.html
Ghana Reportedly Fails to Reach Agreement on Debt Restructuring
Ghana Reportedly Fails to Reach Agreement on Debt Restructuring
Sputnik Africa
Ghana, which defaulted on most of its foreign debt in December 2022 due to rising servicing costs, has already restructured most of its local debt. However, it... 15.04.2024, Sputnik Africa
2024-04-15T12:21+0200
2024-04-15T12:21+0200
2024-04-15T12:21+0200
sub-saharan africa
ghana
west africa
ethiopia
zambia
international monetary fund (imf)
economy
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Ghana's government has failed to reach an agreement with two international bondholders to restructure about $13 billion in foreign debt, media reported.The report noted that the International Monetary Fund (IMF) said the proposed deal for bondholders would not meet debt sustainability parameters.Apart from that, a regional bondholder group, which includes African banks, also rejected part of the deal proposed by the government of Ghana, media reported.On Saturday, Ghanaian Ministry of Finance assured that Ghana remains committed to the effective implementation of the IMF program and to ensuring sustainable growth and stability of the Ghanaian economy.Ghana's President Nana Addo Dankwa Akufo-Addo told parliament in February that the government intends to complete the restructuring of its external debt as soon as possible to enable the country to overcome its current economic challenges.The completion of the restructuring, he said, would also enable the government to complete projects that had been delayed due to financial challenges, such as the Kumasi International Airport.Ghana, along with Ethiopia and Zambia, is renegotiating debt under the G20 Common Framework, a process initiated during the COVID-19 pandemic to accelerate debt restructure talks.
https://en.sputniknews.africa/20240228/ghana-mulls-completing-external-debt-restructuring-as-soon-as-possible-president-says-1065295146.html
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ghana, west africa, ethiopia, zambia, international monetary fund (imf), economy, east africa, southern africa
ghana, west africa, ethiopia, zambia, international monetary fund (imf), economy, east africa, southern africa
Ghana Reportedly Fails to Reach Agreement on Debt Restructuring
Ghana, which defaulted on most of its foreign debt in December 2022 due to rising servicing costs, has already restructured most of its local debt. However, it still needs to negotiate a deal with private holders, one international and the other regional African, on over $10 billion in international bonds.
Ghana's government has failed to reach an agreement with two international bondholders to restructure about $13 billion in foreign debt, media reported.
The report noted that the International Monetary Fund (IMF) said the proposed deal for bondholders would not meet debt sustainability parameters.
Apart from that, a regional bondholder group, which includes African banks, also rejected part of the deal proposed by the government of Ghana, media reported.
On Saturday, Ghanaian Ministry of Finance assured that
Ghana remains committed to the effective implementation of the IMF program and to ensuring sustainable growth and stability of the Ghanaian economy.
"With the support of all, we are confident to achieve our objectives and build a stronger and more resilient nation," the statement said.
Ghana's President Nana Addo Dankwa Akufo-Addo told parliament in February that the government intends to complete the restructuring of its external debt as soon as possible to enable the country to overcome its current economic challenges.
The completion of the restructuring, he said, would also enable the government to complete projects that had been delayed due to financial challenges, such as the Kumasi International Airport.
Ghana, along with Ethiopia and
Zambia, is renegotiating debt under the G20 Common Framework, a process initiated during the COVID-19 pandemic to accelerate debt restructure talks.
