Ghana on Cusp of Debt Default as Grace Period Winds Down
- Ghana restructuring about $30 billion of its $46 billion debt
- Nation becomes fourth nation in Africa to default on Eurobond
Informal vendors on a footbridge at the Kaneshie Market Complex in Accra.
Photographer: Nipah Dennis/BloombergThis article is for subscribers only.
Ghana is on the cusp of a default as the grace period on a $40.6 million coupon due on its dollar bond maturing in 2026 expires at the end of Friday.
The coupon was originally due on Jan. 18 and is the first since the West African nation unilaterally suspended payments on most of its external debt in December.