{"id":226216,"date":"2024-10-05T13:17:06","date_gmt":"2024-10-05T13:17:06","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/05\/ghanas-debt-restructuring-sets-new-standards-on-eurobond-market\/"},"modified":"2024-10-05T13:17:06","modified_gmt":"2024-10-05T13:17:06","slug":"ghanas-debt-restructuring-sets-new-standards-on-eurobond-market","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/05\/ghanas-debt-restructuring-sets-new-standards-on-eurobond-market\/","title":{"rendered":"Ghana&#8217;s debt restructuring sets new standards on Eurobond market"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/615\/61511283.295.jpg\" alt=\"Dr. Mohammed Amin Adam, Minister of Finance\" title=\"Dr. Mohammed Amin Adam, Minister of Finance\" width=\"295\" height=\"165\" \/> <span class=\"image_caption\"><span>Dr. Mohammed Amin Adam, Minister of Finance<\/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 id=\"article-123\">Dr. Mohammed Amin Adam, Minister of Finance, says Ghana\u2019s debt restructuring sets new standards on the bond market for creditors and debts.\u202f <\/p>\n<p>He said Ghana\u2019s debt exchange entailed some non-financial clauses, which are becoming the new market standard on the bond market.\u202f <\/p>\n<p>The minister said this at a press conference to announce the completion of the exchange offer and consent solicitation for Eurobond debt restructuring. <\/p>\n<p>The new standards set by the country included key non-financial clauses, notably the Loss Reinstatement Clause, the Information Sharing Clause, and the most preferred credit clause.\u202f <\/p>\n<p>\u201cThe Loss Reinstatement Clause, for instance, protects bondholders by reinstating their nominal haircut in case of a new default within a specified timeframe. This ensures prudent debt management and prevents future defaults. Information Sharing Clause also ensures timely publication of debt figures, promoting debt transparency and accountability.  <\/p>\n<p>In the Most Favoured Creditor Clause, Ghana cannot treat other commercial creditors more favourably than bondholders, upholding inter-creditor equity,\u201d he said.\u202f <\/p>\n<p>The finance minister stressed that these clauses demonstrated Ghana\u2019s dedication to responsible debt management and transparency, aligning with international best practices. <\/p>\n<p>Dr. Amin said considering a successful completion of the exchange offer, Ghana stood to achieve significant macro-economic stability and economic growth. <\/p>\n<p>He said Without any adjustment, Ghana\u2019s debt to GDP level (in present value terms) would have reached 109 percent in 2028, noting that fiscal adjustment efforts will contribute to bringing down to 81 percent in 2028. <\/p>\n<p>The DDEP, he asserted, will bring Ghana\u2019s debt down by 10 percentage points to 71 percent.\u202f <\/p>\n<p>Dr. Amin also stated Ghana\u2019s agreement with the OCC will reduce Ghana\u2019s debt further by 6 percentage points.\u202f <\/p>\n<p>He said the deal completed with the Eurobond bondholders will bring the debt to GDP in present value terms to 55 percent in 2028, in line with the IMF target of 10 percentage points contribution. <\/p>\n<p>\u201cThe completion of the Eurobond debt exchange will immediately reduce our debt stock by the full extent of the US$5 billion haircut on principal and gains on interest payments for the period as a result of the debt restructuring,\u201c he said.\u202f<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Mohammed Amin Adam, Minister of Finance Dr. Mohammed Amin Adam, Minister of Finance, says Ghana\u2019s debt restructuring sets new standards on the bond market for creditors and debts.\u202f He said Ghana\u2019s debt exchange entailed some non-financial clauses, which are becoming the new market standard on the bond market.\u202f The minister said this at a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":220371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-226216","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 - 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