In light of the greatest economic crisis in a century, Ghana’s finance ministry announced that it was halting debt service payments on a number of types of external debt, including Eurobonds, business loans, and the majority of bilateral debt.
A thorough debt restructuring, according to the IMF, is a requirement of the agreement. The producer of cocoa, oil, and gold in west Africa was once regarded as a rising star among growing economies, but it is currently having difficulty keeping up with spiralling debt costs.
According to the most recent data from the central bank, public debt was GHS467.4 billion ($55 billion) in September, with domestic debt accounting for 42% of the total.
According to Tradeweb statistics, Ghana’s external bonds, which are currently trading at a severely distressed level of 31–37 cents in the dollar, declined, with the 2051 bond losing 0.4 cents.