Business News of Monday, 24 June 2024
Source: www.ghanaweb.live
2024-06-24Ghana reaches Eurobond restructuring agreement to aid economic recovery
Dr. Mohammed Amin Adam
The Ghanaian government has reached a preliminary agreement with the Committee of Eurobond holders on restructuring its debt, marking a crucial step towards economic recovery.
This deal aligns with the International Monetary Fund-financed program, offering substantial cash flow and debt relief.
The Committee, representing bondholders, expressed support for Ghana's commitment to sustainable economic policies aimed at enhancing macroeconomic stability,
Read full articleboosting investor confidence, and reinforcing fiscal credibility.
The agreement includes provisions for semi-annual public debt disclosures, a most-favoured-creditor clause, and a loss reinstatement clause, designed to normalize relations with bondholders and restore Ghana's access to international markets.
In a statement on Monday, June 24, the Committee advised Eurobond investors to carefully review the terms of Ghana’s offer and assess the benefits and risks independently.
The proposed agreement aims to resolve Ghana's Eurobond default, providing critical support for the nation's economic recovery and sustained policy implementation.