In an effort to complete a domestic debt exchange, the beleaguered government of Ghana in West Africa told a group of protesting retiree bondholders that they were being given a good deal.
As part of efforts to confront a deepening economic crisis, Ghana introduced a debt exchange plan in December. However, it has had difficulty convincing bondholders to sign up, in part because its conditions are unclear and there are questions about its viability.
A government document from last month states that those under the age of 59 are being given a 10% coupon rate. The West African country and the IMF have a staff-level agreement on a $3 billion rescue package, but it will only be authorized if it undergoes a comprehensive debt restructuring. The protesting retirees said they also wanted to be left out of the debt exchange altogether.