{"id":193070,"date":"2024-06-25T11:39:36","date_gmt":"2024-06-25T11:39:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/25\/ghana-reaches-agreement-with-external-bondholders-what-next\/"},"modified":"2024-06-25T11:39:36","modified_gmt":"2024-06-25T11:39:36","slug":"ghana-reaches-agreement-with-external-bondholders-what-next","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/25\/ghana-reaches-agreement-with-external-bondholders-what-next\/","title":{"rendered":"Ghana reaches agreement with external bondholders, what next? \u2013"},"content":{"rendered":"
<\/p>\n
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The government and representatives of bondholders have reached an agreement in principle on the restructuring of the country\u2019s Eurobonds.<\/p>\n
This development is set to ease Ghana\u2019s financial burdens and is a key step towards securing approval from the International Monetary Fund (IMF) for the second review of its economic programme.<\/p>\n
Following intense negotiations, the Government has agreed in principle with international bondholders to restructure its Eurobond debt.<\/p>\n
Bondholders now have two options: either to accept discounted bonds with reduced interest and maturity dates between 2026 and 2029, resulting in a 37% reduction in value or accept a second option, limited to $1.6 billion, which offers new bonds at face value, with a primary bond maturing in 2037 and paying a 1.5% interest rate, though past due interest will be adjusted.<\/p>\n
For Ghana, this agreement means significant financial relief.<\/p>\n
Bondholders are expected to forgo about $4.7 billion, providing the government with an estimated $4.4 billion in cash-flow relief during the IMF programme period.<\/p>\n
The International Steering Committee of bondholders who hold 40% of Ghana\u2019s external debt, and the regional steering committee, who hold 15% have asserted that the agreement matches the parameters set by the IMF.<\/p>\n
In the coming weeks, the government will start a consent solicitation process to get approval from individual bondholders.<\/p>\n
This will be followed by a formal launch once the final documents are ready.<\/p>\n
The new deal also requires the government to publish public debt information every six months to assure bondholders of transparency and to ensure fair treatment among creditors.<\/p>\n
These steps lead up to the IMF board meeting scheduled for June 28, where the board will review the staff\u2019s assessment of the bondholder agreement.<\/p>\n
The Approval of the second review of Ghana\u2019s economic programme will depend on this assessment.<\/p>\n<\/figure>\n
The government and representatives of bondholders have reached an agreement in principle on the restructuring of the country\u2019s Eurobonds. This development is set to ease Ghana\u2019s financial burdens and is a key step towards securing approval from the International Monetary Fund (IMF) for the second review of its economic programme. Following intense negotiations, the Government […]<\/p>\n","protected":false},"author":1,"featured_media":193071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-193070","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"\n
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