Ghana to sign bilateral debt deal after renegotiating some terms

Ghana is renegotiating with its official creditors for better terms in an ongoing debt restructuring process, following receipt of draft terms last week.

Agreeing to a preliminary memorandum of understanding with the bilateral creditors will pave the way for the International Monetary Fund to disburse $360 million to the West African nation under a $3 billion program.

The inflows will serve as buffer for the cedi, which has lost 18% of its value to the dollar this year, the fourth worst performer among 150 currencies tracked by Bloomberg.