Ghana is poised to begin talks with domestic bondholders on a restructuring of its local-currency or cedi debt.
This is part of the nation’s plan to secure a $3 billion loan from the International Monetary Fund.
According to Bloomberg, the country’s Eurobonds extended its declines in trading.
One of the key requirements for a Fund programme is for the nation to restructure its debt.
Banks and pension funds that are among the country’s biggest debt investors are preparing to engage in discussion on debt restructuring.
The debt reform could lead to extension of maturities and cuts on principal and interest payments.
The restructuring is part of a debt-sustainability plan required by the IMF.
This will include part of the $19 billion Ghana has in outstanding local debt.
Ghana’s official negotiation with IMF starts from September 26, 2022
Official negotiations between the Government of Ghana and the International Monetary Fund (IMF) for an economic programme is expected to take off from Monday September 26, 2022.
This is what Joy Business has picked up from persons with knowledge of the current discussions between the government and the IMF.
Latest Stories
-
Baltasar Coin becomes first Ghanaian meme coin to hit DEX Screener at $100K market cap
27 minutes -
EC blames re-collation of disputed results on widespread lawlessness by party supporters
42 minutes -
Top 20 Ghanaian songs released in 2024
1 hour -
Beating Messi’s Inter Miami to MLS Cup feels amazing – Joseph Paintsil
1 hour -
NDC administration will reverse all ‘last-minute’ gov’t employee promotions – Asiedu Nketiah
1 hour -
Kudus sights ‘authority and kingship’ for elephant stool celebration
1 hour -
We’ll embrace cutting-edge technologies to address emerging healthcare needs – Prof. Antwi-Kusi
2 hours -
Nana Aba Anamoah, Cwesi Oteng special guests for Philip Nai and Friends’ charity event
2 hours -
Environmental protection officers receive training on how to tackle climate change
2 hours -
CLOGSAG vows to resist partisan appointments in Civil, Local Government Service
3 hours -
Peasant Farmers Association welcomes Mahama’s move to rename Agric Ministry
3 hours -
NDC grateful to chiefs, people of Bono Region -Asiedu Nketia
3 hours -
Ban on smoking in public: FDA engages food service establishments on compliance
3 hours -
Mahama’s administration to consider opening Ghana’s Mission in Budapest
3 hours -
GEPA commits to building robust systems that empower MSMEs
3 hours