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Ghana was expected to receive a draft term sheet from creditors yesterday for restructuring of its $5.4bn bilateral debt. The term sheet will help Ghana unlock a $600mn IMF disbursement under the latter’s $3bn extended credit facility (ECF) program. Ghana’s Finance Minister Ken Ofori-Atta added that a memorandum of understanding with Paris Club Group of creditors and China could unlock additional $550mn of funding from the World Bank by end-February. Ghana, which began restructuring its public debt at end-2022, has been trying to sort its bilateral debt through the G20’s Common Framework for debt restructuring. Earlier in October last year, the country had unveiled commercial debt reorganization plans that proposed a nominal haircut of 30-40% for the creditors.
Ghana’s dollar bond curve was up by 0.5 -1 point with its 7.875% 2027s at 44.3 cents on the dollar.
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