Ghana submits new debt restructuring proposal to international bondholders – Report

The government of Ghana has submitted a new debt restructuring proposal to international bondholders, Bloomberg has reported.

The new plan, according to the international news portal, is to advance talks on amending the terms of the $13 billion in Eurobond debt restructuring.

Bloomberg reported the development and quoted people with knowledge of the situation.

The portal added that “advisers representing a group of foreign creditors are weighing the proposal, which was put forth by representatives for the government this week", according to the sources who requested anonymity as the talks are private.

Non-disclosure agreements between Ghana and foreign bondholders are likely to be signed if the negotiations result in a provisional agreement on the conditions of the debt restructuring.

Ghana has completed restructuring its domestic debt as part of efforts to secure bailout funds from the International Monetary Fund (IMF).

To receive the next tranche of IMF bailout funding, the nation recently secured an agreement with the Official Creditor Committee for a debt revamp, building on the completion of the domestic debt exchange programme.

NOQ

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