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More than 90% of Ghana’s bondholders have approved an overhaul of USD 13 billion worth of Eurobonds, the government said, following a deal with bilateral creditors in June. Once the IMF’s executive board approves the staff-level agreement, Ghana will have access to USD 360 million in financing, the fund said.
International Monetary Fund staff and officials in Ghana have reached an agreement on their third review of the West African country’s US$3 billion IMF loan programme. Ghana is nearing completion of a debt-restructuring process under the G20’s Common Framework initiative after it defaulted on most of its USD 30 billion international debt in 2022.
More than 90% of Ghana’s bondholders have approved an overhaul of USD 13 billion worth of Eurobonds, the government said, following a deal with bilateral creditors in June. Once the IMF’s executive board approves the staff-level agreement, Ghana will have access to USD 360 million in financing, the fund said.
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The IMF board approved Ghana’s current lending programme, which expires in 2026, in May of last year. Ghana’s debt restructuring is expected to reduce its debt stock by $4.7 billion and provide cash flow relief worth a total of $4.4 billion during the period of the IMF programme, the government said in June.
