Ghana Commences Payments on Outstanding Domestic Bonds
The Ghanaian government has commenced processes to settle payments on outstanding domestic bonds on March 13 and holders of those bonds are expected to receive payments within the next 24 hours, the finance ministry said on Tuesday.
Accra has been battling with pressures emanating from high debt loads and a weak fiscal position at the time Eurobond markets access became inaccessible for the government.
Its weak position has forced global rating agencies to awash the sovereign rating downgrades with negative outlooks.
The initial instruction covers coupon and principal payments on bonds that matured on Feb. 6 and Feb. 13, 2023. In compliance with the demand to secure $3 billion from International Monetary Fund, Ghana was to restructure its debt as part of the condition to access the fund.
Recall that the government successfully closed a long-delayed domestic debt exchange programme last month and is also working out a way to restructure its external debt. # Ghana Begins Payments on Outstanding Domestic Bonds