Ghana to exit default after two years with debt restructuring (Financial Times)

Ghana has exited its debt default by restructuring $13 billion in US dollar bonds, enabling a return to global capital markets nearly two years after suspending debt repayments due to an economic crisis.

Bondholders approved exchanging their bonds for new debt worth $4.7 billion less, reducing Ghana’s debt by over $4 billion in two years.

President Akufo-Addo declared the country has resolved its debt issue before upcoming elections.

Despite this progress, Ghana faces rampant inflation exceeding 21%, with projections of gross public debt falling below 80% of GDP next year, down from nearly 100% in 2022.