Ghana Domestic Debt-Swap Offer Achieves Over 80% Acceptance
- Deal with pension funds could increase amount of debt swapped
- Ghana needs to restructure $47 billion of debt for IMF bailout
This article is for subscribers only.
A Ghanaian government plan to reorganize its domestic debt received acceptance from more than 80% of bondholders, a key step in the country’s efforts to secure a $3 billion bailout from the International Monetary Fund. The cedi rallied.
The West African nation is restructuring 137.3 billion cedis ($11.3 billion) of domestic loans as part of an overhaul of almost all of its 575.5 billion cedis of debt. The authorities had targeted an 80% subscription rate for the domestic-debt restructuring to be deemed successful and the offer deadline was postponed five times to improve participation.