Reported 8 months ago
Ghana has reached an agreement with private creditors to restructure around $13 billion of debt, with bondholders accepting nominal losses of 37% on their holdings and forgoing about $4.7 billion of their claims. The deal provides the required debt relief to the government and marks a significant milestone in the country's efforts to reform its loans and fulfill conditions for a $3 billion IMF program. The agreement involves important concessions from bondholders and comes after an earlier pact was rejected in April for not meeting debt-sustainability requirements.
Source: YAHOO