Audio By Carbonatix
Ghana’s Eurobonds extended declines on Wednesday, March 1, 2023, after the country missed a self-imposed deadline to restructure its bilateral debt and S&P Global Ratings warned bondholders face larger losses than anticipated.
The nation’s 2032 dollar securities dropped 0.5% to 36.8 cents in the dollar by 8:18 a.m. in London, bringing their decline this week to 1.7%.
Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February 2023 to help qualify for a $3 billion International Monetary Fund programme.
o far, Ghana has only partially completed the domestic-debt part of the exchange programme.
Meanwhile, S&P said Ghana may have to ask external creditors to write off as much as 50% of the debt it owes them — far higher than the 30% the government initially considered.
Latest Stories
-
MTN FA Cup: Defending champions Kotoko knocked out by Aduana
2 hours -
S Korean crypto firm accidentally pays out $40bn in bitcoin
2 hours -
Washington Post chief executive steps down after mass lay-offs
2 hours -
Iranian Nobel laureate handed further prison sentence, lawyer says
2 hours -
U20 WWCQ: South Africa come from behind to draw against Black Princesses in Accra
3 hours -
Why Prince William’s Saudi Arabia visit is a diplomatic maze
3 hours -
France murder trial complicated by twin brothers with same DNA
3 hours -
PM’s chief aide McSweeney quits over Mandelson row
3 hours -
Ayawaso East primary: OSP has no mandate to probe alleged vote buying – Haruna Mohammed
3 hours -
Recall of Baba Jamal as Nigeria High Commissioner ‘unnecessary populism’ – Haruna Mohammed
4 hours -
Presidency, NDC bigwigs unhappy over Baba Jamal’s victory in Ayawaso East – Haruna Mohammed
4 hours -
Africa Editors Congress 2026 set for Nairobi with focus on media sustainability and trust
4 hours -
We are tired of waiting- Cocoa farmers protest payment delays
5 hours -
Share of microfinance sector to overall banking sector declined to 8.0% – BoG
5 hours -
Ukraine, global conflict, and emerging security uuestions in the Sahel
6 hours