Ghana, bondholders reach agreement in principle to restructure $13 bn debt, sources say

Ghana has reached a preliminary agreement with bondholders to restructure $13 billion in international debt.

This follows a recent deal with official creditors. Bondholders will face up to a 37% principal reduction and extended bond maturities.

Ghana defaulted on most of its $30 billion external debt in 2022 due to COVID-19, the Ukraine war, and rising global interest rates. The agreement aligns with the IMF’s revised debt framework.

Ghana had earlier secured a pact with its official creditor committee, facilitating an IMF review of its $3 billion loan package, with the next tranche of $360 million pending approval on June 28.