Ghana Asks Bondholders to Take Haircuts of as Much as 40%
- Securities post some of the worst performances in EM index
- Ghana wants to reach agreement on commercial debt by year-end
Ken Ofori-Atta.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Ghana’s dollar bonds slumped, posting some of the worst losses among emerging-market peers, after the government asked bondholders to accept a nominal haircut of as much as 40%.
The West African nation’s eurobond maturing April 2025 fell 2.1 cents on the dollar to 37.46, the biggest loss in Bloomberg EM Sovereign Total Return Index. Thirteen other Ghana bonds were among the 20 worst performers on the gauge after Finance Minister Ken Ofori-Atta made the proposal public Monday.