Ghana is expected to reach a staff-level agreement with the IMF by Tuesday, as per sources aware of the negotiations. Finance Minister Kenneth Ofori-Atta has said that he was hoping for a relief package of up to $3bn, possibly over a three-year period. Two sources said that the IMF’s support would come in the form of an extended credit facility (ECF), in which financial assistance is given for longstanding balance of payments issues. The expected agreement comes after the nation rolled out a plan to swap $10.5bn in local bonds for a new note to extend the maturity. Ghana however has not yet come out with a plan regarding its offshore debts.
Ghana’s dollar bonds were trading stable at ~32 cents on the dollar.
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