Ghana 04.10.24

• The IMF and Ghana have reached a staff-level deal on the country’s $3bn loan programme. The IMF has said that the country’s performance under the programme has generally been satisfactory. https://www.reuters.com/world/africa/imf-ghana-reach-staff-level-deal-3-bln-loan-programme-review-2024-10-04/

• Almost all bondholders voted to exchange their bonds for new debt worth $4.7bn less. Therefore, Ghana will exit debt default as they complete restructuring their $13bn US dollar bonds. https://www.ft.com/content/23950989-3d90-4114-8273-32d450fd3945

• This article includes a timeline of the key events leading up to the restructuring from February 2022. https://www.reuters.com/business/finance/ghana-closes-long-running-debt-restructuring-finishing-line-2024-10-03/

• The bondholders accepted a 37% haircut on the $13bn debt. https://www.theafricareport.com/363637/ghana-bondholders-take-37-haircut-in-debt-restructuring-deal/

•  Ghana has reported its first case of Mpox. https://www.reuters.com/world/africa/ghana-reports-first-mpox-case-variant-not-yet-clear-2024-10-03/