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Ghana’s dollar bonds rose by ~1 point across the curve after it reached an agreement with the Paris Club of creditors and other creditors like China, to revamp $5.4bn of bilateral obligations. This is expected to help pave the way for the IMF to make a second $600mn disbursement under its $3bn bailout program. The IMF board is expected to meet by January 19, and an approval by them would also unlock ~$550mn of additional funding from the World Bank. Ghana is currently in the process of trying to strike a debt-restructuring deal with commercial creditors after having received $600mn in May, at the start of the IMF’s three-year bailout program.
Ghana’s 8.125% 2026s were up 1 point to 47.41 cents on the dollar.