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By Wilhelmina Oddoye
Ghana’s efforts to reach a deal with two bondholder groups (one “international” group of Western asset managers and hedge funds, and another including regional African banks) to restructure $13 billion of international bonds has proven futile.
The regional African bondholder group had rejected part of the proposed rework, including an option to retain the original value of the bonds with a longer maturity and lower coupon.
Though Finance Minister Mohammed Amin Adam told a press conference on Saturday that Ghana is “confident” it will reach an agreement with bondholders, the attempt ended in trenches.
Ghana was aiming to cut $10.5 billion from its external debt repayments and interest costs due from 2023 to 2026 if the deal had been successful.
This came at a time when the IMF Mission Chief for Ghana, Mr. Stéphane Roudet, had stated that the IMF was awaiting Ghana to reach an agreement with external creditors to enable the Board to review the staff-level agreement as part of the processes to release the third tranche.
Adoanews.com
