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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.

The Kantamanto textile market in Accra.

Photographer: Andrew Caballero-Reynolds/Bloomberg
Updated on

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.