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Ghana and its creditors are expected to reach a restructuring deal for $13bn of its offshore debt by the end of May, according to sources. A committee of bondholders and government representatives are waiting for the IMF to approve its updated economic review, before proceeding with the deal. The IMF staff said that Ghana’s economic growth was higher than expected and that its fiscal and external positions had improved significantly, in the recently concluded second economic review. As a result, the African nation successfully reached staff level agreement with the IMF for a disbursement of $360mn.
Ghana’s dollar bonds were up by 0.5-1points with its 7.625% 2029s at 50.5 cents on the dollar.
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