{"id":219164,"date":"2024-09-20T15:05:18","date_gmt":"2024-09-20T15:05:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/20\/ghanas-debt-restructuring-relief-for-government-hardship-for-investors\/"},"modified":"2024-09-20T15:05:18","modified_gmt":"2024-09-20T15:05:18","slug":"ghanas-debt-restructuring-relief-for-government-hardship-for-investors","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/20\/ghanas-debt-restructuring-relief-for-government-hardship-for-investors\/","title":{"rendered":"Ghana&#8217;s Debt Restructuring: Relief for government, hardship for investors"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/778\/77855090.295.jpg\" alt=\"Prof. Godfred Bokpin is an Economist\" title=\"Prof. Godfred Bokpin is an Economist\" width=\"295\" height=\"162\" \/> <span class=\"image_caption\"><span>Prof. Godfred Bokpin is an Economist<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p style=\"clear:right\" id=\"article-123\">An Economist at the University of Ghana, Godfred Bokpin has provided an in-depth analysis of Ghana\u2019s debt restructuring, revealing the significant losses incurred by investors.<\/p>\n<p>In an interview on Morning Starr with Naa Dedei Tettey, he explained that \u201cthe external debt at the end of December 2022 worked up to about $30.5 billion,\u201d with Ghana\u2019s obligations to multilateral institutions such as the IMF, World Bank, and African Development Bank alone amounting to $8.8 billion.<\/p>\n<p>Despite their substantial exposure, these institutions opted out of the restructuring process, declaring themselves \u201cuntouchable.\u201d<\/p>\n<p>The expert further elaborated on the restructuring of external bilateral debt, noting that \u201cwe had about $5.1 billion of external bilateral debt to be restructured,\u201d involving countries like China and India. Through the G20 common framework, which succeeded the Debt Service Suspension Initiative (DSSI), Ghana managed to obtain \u201ca release of $2.8 billion\u201d from this debt. However, he cautioned that \u201cmajority of that is just moratorium,\u201d questioning the long-term viability of such measures.<\/p>\n<p>He then shifted focus to the euro bond market, where Ghana\u2019s total exposure amounted to $14.6 billion. After adjustments, the restructuring covered $13.1 billion, providing \u201crelief in present value terms of about $4.4 billion. While this brought some short-term relief to the government, it came at a high price for European investors who faced severe haircuts on their investments.<\/p>\n<p>Despite the temporary reprieve, the expert warned that the relief would not last, stating, \u201cThis is not a breathing space for long.\u201dHe anticipated that by 2026, Ghana would need to return to the negotiating table, cautioning, \u201cWe will come back to the table not too long from now,\u201d indicating that the country\u2019s financial challenges were far from over.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prof. Godfred Bokpin is an Economist An Economist at the University of Ghana, Godfred Bokpin has provided an in-depth analysis of Ghana\u2019s debt restructuring, revealing the significant losses incurred by investors. In an interview on Morning Starr with Naa Dedei Tettey, he explained that \u201cthe external debt at the end of December 2022 worked up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":219165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-219164","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana&#039;s Debt Restructuring: Relief for government, hardship for investors - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/09\/20\/ghanas-debt-restructuring-relief-for-government-hardship-for-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana&#039;s Debt Restructuring: Relief for government, hardship for investors - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Prof. Godfred Bokpin is an Economist An Economist at the University of Ghana, Godfred Bokpin has provided an in-depth analysis of Ghana\u2019s debt restructuring, revealing the significant losses incurred by investors. 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