Skip to content
Markets

Ghana to Swap Local Debt for New Bonds in Restructuring Deal

  • Coupon on bonds set at 0% in 2023, 5% in 2024, 10% from 2025
  • Ghana has about $3 billion in cedi debt falling due by June
Crowds of customers make their way through a food market in Accra, Republic of Ghana.

Crowds of customers make their way through a food market in Accra, Republic of Ghana.

Photographer: Nipah Denis/Bloomberg
Updated on

Ghana asked local bondholders to accept losses on interest payments as it restructures its debt to qualify for a loan from the International Monetary Fund. 

The West African country will replace existing local-currency debt with four new bonds maturing in 2027, 2029, 2032 and 2037, Finance Minister Ken Ofori-Atta said.