Ghana has successfully negotiated an agreement in principle with Eurobond investors to restructure approximately $13 billion of debt. The Committee of Eurobond holders confirmed this development on Monday, June 24th. Implementing this agreement is contingent upon mutual agreement on deal documentation and other specified conditions.
The proposed restructuring aims to resolve Ghana’s default and offer significant cash flow and debt stock relief to support the country’s economic recovery.
Mr. Richard Ahiagbah, the Director of Communications of the New Patriotic Party (NPP), is of the view that Ghana’s Economy is on track for a strong and resilient resurgence. He posted on X, “In the recent debt negotiations, the government successfully secured the cancellation or deferral of $15 billion (GH¢225 billion) in principal and interest on external debts while saving an impressive $4.7 billion in debt cancellation on our Eurobonds.”
Mr. Ahiagbah added that this achievement reflects the unwavering resilience and determination of Ghanaians and the NPP government in surmounting the challenges posed by the pandemic and the Russia-Ukraine conflict.
He further reminded Ghanaians of the president’s assertion that “we know how to revive the economy,” which has borne fruit, and Ghanaians can indeed celebrate the ongoing economic recovery.
