Ghana’s
debt
restructuring
deal
with
Eurobond
holders
has
won
the
approval
of
the
official
creditor
committee.
The
committee,
representing
the
country’s
bilateral
lenders,
communicated
their
seal
of
approval
to
the
Ministry
of
Finance
in
a
statement
on
Monday.
This
agreement
is
confirmed
to
be
consistent
with
the
Comparability
of
Treatment
principle.
This
principle
is
part
of
the
OCC’s
Common
Framework
for
Debt
Restructuring,
which
mandates
that
Ghana’s
debt
owed
to
all
external
creditors
under
the
restructuring
scope
must
be
treated
comparably.
Quite
recently,
the
country
reached
an
agreement
with
Eurobond
holders
to
restructure
debts
of
about
13.1
billion.
The
new
agreement
will
see
the
Eurobond
holders
take
a
37%
haircut
and
also
see
a
suspension
of
coupon
rates
until
2026.
To
this
effect,
the
deal
with
bondholders
cancels
$4.7
billion
of
Ghana’s
debt
and
in
addition,
provides
$4.4
billion
of
debt
service
relief.
The
government,
however,
notes
that
it
plans
to
continue
active
engagement
with
the
Steering
Committees
to
finalize
the
necessary
documentation
and
move
forward
swiftly
with
the
consent
solicitation
process.
The
government
also
thanked
its
official
partners
as
well
as
representatives
from
the
two
Bondholders’
Committees
for
their
constructive
engagement
over
the
past
weeks.