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Ghana will begin restructuring talks with bondholders in the coming week for $13bn of its defaulted debt, according to its Finance Minister Mohammed Amin Adam. The government authorities have received counter-proposals from two bondholder groups and the government plans to start extensive discussions on restructuring. The news comes after it was reported yesterday that another African sovereign, Zambia and its creditors had agreed on debt restructuring. Ghana already reached an agreement with its bilateral creditors in January earlier this year. The government’s focus is now on finalizing the pact with bondholders with ‘comparability of treatment’ as a guiding principle.
Ghana’s dollar bonds have been on an uptrend, rising by 6-7 points across the curve this month with its 7.75% 2029s up from 43.5 to 50.2 since the beginning of March.
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