Serrari Group

Ghana has reached a significant agreement in principle with its bondholders to restructure $13 billion of its international debt, sources told Reuters on Thursday. This agreement follows a recent accord with the country’s official creditors, providing a crucial step towards stabilizing Ghana’s financial situation.

The restructuring deal will require bondholders to accept a reduction in the principal amount of up to 37% and extend the maturity dates of the bonds, according to informed sources. This move is expected to alleviate some of the financial pressures on Ghana, which defaulted on the majority of its $30 billion external debt in 2022 due to the impacts of the COVID-19 pandemic, the war in Ukraine, rising global interest rates, and increasing debt levels.

Ghana pursued debt treatment under the G20 Common Framework, a process designed to facilitate quick debt restructuring and involve China, the latest major bilateral lender. Zambia’s recent approval of its debt restructuring under the same framework provided a hopeful precedent for Ghana.

“An announcement could be made as early as next week,” one source, who requested anonymity, said. Another source suggested the announcement might come as soon as Friday.

Formal talks began in mid-March with two groups of bondholders: Western asset managers and hedge funds, and regional African banks. The negotiations stalled in April when the proposed deal did not meet the International Monetary Fund’s (IMF) debt sustainability analysis requirements. This led to a re-evaluation based on a revised IMF framework for Ghana.

Earlier this month, Ghana reached an agreement with its official creditor committee, paving the way for the IMF Executive Board to review the country’s $3 billion, three-year loan package on June 28. This review could lead to the release of the next tranche of $360 million.

The latest agreement with bondholders marks a crucial step in Ghana’s economic recovery efforts, aiming to stabilize the nation’s financial footing and support sustainable growth. The Finance Ministry of Ghana and the Paris Club, an alliance of major creditor nations, were not available for immediate comment.

This restructuring agreement underscores the collaborative effort between international stakeholders to address Ghana’s financial challenges and supports the country’s path toward economic revitalization.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

21st June, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023