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Ghana will reengage with its international bondholders from next week, finance minister Ken Ofori-Atta told Reuters on Monday, as the country seeks to build on the momentum of a deal last week to... -January 15, 2024 at 01:39 pm EST - MarketScreener
Ghana has reached a deal to restructure $5.4bn (R98.81bn) of loans with its official creditors, the finance ministry said on Friday, a milestone in the country's quest for debt relief as it charts its way out of the worst economic crisis in a generation.
The Zambian experience suggests that the prevailing international financial architecture aims to get bilateral creditors, in this case principally China, to carry the burden of a restructuring process which protects the interests of, and even favours, private creditors who leveraged cheap capital and rushed into the less developed country market in search of high yields.
“We are receiving the draft term sheet today so I think we are about done,” Ofori-Atta said. “We will look into the details, but then it’s good enough for the IMF to continue with their work, so we’re in good shape.”
“We are receiving the draft term sheet today so I think we are about done,” Ofori-Atta said. “We will look into the details, but then it’s good enough for the IMF to continue with their work, so we’re in good shape.”