Ghana Eurobonds Steady as Country Proposes Debt Restructure
- Haircut may be up to 30%, deputy finance minister Kumah says
- Reorganization needed to make debt sustainable for IMF loan
The Kantamanto textile market in Accra.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
Ghana will ask holders of its international bonds to accept losses of as much as 30% on the principal and forgo some interest payments as it hammers out a debt-sustainability plan to qualify for a loan from the International Monetary Fund.
The West African country will also ask holders of domestic bonds to forfeit some interest payments, Deputy Minister of Finance John Kumah told Accra-based Joy FM radio. He confirmed the planned restructuring in an interview with Bloomberg.