Business News of Friday, 4 October 2024
Source: Joy Business
A significant number of bondholders participating in Ghana's Eurobond Debt Exchange Programme opted for the disco menu of new notes, which entails a 37% haircut and interest payments of 5% until July 2028, increasing to 6% thereafter.
In contrast, bondholders choosing the par menu will not incur nominal losses but will receive 1.5% interest on bonds maturing in January 2037.
The exchange, which saw 98.6% subscription, is part of Ghana's $13 billion debt restructuring under an IMF programme.
Finance Minister Dr. Mohammed Amin Adam stated this initiative will significantly reduce Ghana's debt stock and target a 55% debt-to-GDP ratio by 2028.