\n
Ghana expects to receive a draft term sheet from official creditors later on Tuesday, January 9, 2024, for the restructuring of the country\u2019s $5.4 billion of bilateral debts, Finance Minister Ken Ofori-Atta said.<\/p>\n
The term sheet will be sufficient for the West African nation to seek\u00a0International Monetary Fund\u00a0board approval later this month for a $600 million disbursement under its $3 billion extended credit facility programme, the minister said by phone from Accra, the capital.<\/p>\n
The IMF board is scheduled to meet on January 18, 2024.<\/p>\n
\u201cWe are receiving the draft term sheet today, so I think we are about done,\u201d Ofori-Atta said. \u201cWe will look into the details, but then it\u2019s good enough for the IMF to continue with their work, so we\u2019re in good shape.\u201d<\/p>\n
Ghana\u2019s dollar bonds maturing in 2027 rose 1.3% to 43.88 cents on the dollar after the news that the country will get term sheets later on Tuesday.<\/p>\n
Notes maturing in 2032 advanced 1.4% to 42.73 cents on the dollar.<\/p>\n
Ghana embarked on restructuring most of its public debt in December 2022.<\/p>\n
The country has been in talks to revamp the bilateral portion of obligations through the Group of 20\u2019s Common Framework for debt treatment.<\/p>\n
A memorandum of understanding with the Paris Club Group of creditors and new ones including China could also unlock $550 million of additional funding from the World Bank by the end of February, Ofori-Atta said last week.<\/p>\n
Public debt \u2014 excluding loans to state-owned enterprises \u2014 eased to 66.4% of GDP at the end of September 2023, helped by the completion of a domestic debt reorganization.<\/p>\n
Those investors mainly suffered interest-rate cuts when they swapped about \u00a2126 billion ($10.5 billion) of domestic debt last year.<\/p>\n
Ghana\u2019s debt reorganization efforts using the Common Framework follow those of Zambia, which reached a memorandum of understanding with its official creditors on debt relief in October but has struggled to conclude a workout with eurobond investors.<\/p>\n
A key sticking point for Zambia has been how to measure \u201ccomparable treatment\u201d between official and commercial creditors, a guiding principle of the framework.<\/p>\n
Ghana, which halted payments on most of its external debt just over a year ago, had proposed as much as a 40% nominal haircut in October for commercial creditors, which includes $13 billion of eurobonds.<\/p>\n
Source:\u00a0<\/strong>bloomberg.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Ghana expects to receive a draft term sheet from official creditors later on Tuesday, January 9, 2024, for the restructuring of the country\u2019s $5.4 billion of bilateral debts, Finance Minister Ken Ofori-Atta said. The term sheet will be sufficient for the West African nation to seek\u00a0International Monetary Fund\u00a0board approval later this month for a $600 […]<\/p>\n","protected":false},"author":1,"featured_media":135606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-137578","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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