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Ghana is reopening a debt exchange that was originally settled in February for another 12.9 billion cedis ($1.1 billion) of local bonds, the finance ministry said on Thursday.
The terms of the new invitation are identical to those of
the February 2023 exchange, which closed with an 85% participation rate of
"relevant" bonds, the ministry said in statement.
The exchanges are part of efforts by Ghana to restructure
both domestic and external debt - a condition set by the International Monetary
Fund (IMF) for a $3 billion bailout secured in May.
In August, the finance ministry said it had completed a
separate swap of 95% of local debt held by pension funds, which had been
excluded from the February exchange after labour unions threatened to strike.
Ghana defaulted on most of its $30 billion external debt in
December, after its currency tumbled and inflation and debt servicing costs
soared.
It is targeting $10.5 billion of external debt service
relief from 2023-2026, as it negotiates the restructuring of $20 billion of
overseas debt with bilateral creditors including China and Paris Club members
and international bondholders. -Reuters
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