by Amruth Sundarkumar | Nov 30, 2022 | Sovereign Bonds, Sovereigns
Moody’s downgraded Ghana to Ca from Caa2 on Tuesday, revising its outlook to stable and concluding its review for downgrade that was initiated on September 30. The rating agency sees “substantial losses” for private creditors as a result of the...
by Amruth Sundarkumar | Nov 25, 2022 | Sovereign Bonds, Sovereigns
Ghana’s Deputy Minister of Finance John Kumah has proposed to ask its international bondholders to look at a 30% haircut on the principal and forgo some interest payments as part of its debt-sustainability plan to secure a $3bn IMF loan. It will also ask...
by Amruth Sundarkumar | Oct 31, 2022 | Sovereign Bonds, Sovereigns
Ghana’s President Nana Akufo-Addo ruled out debt haircuts as part of negotiations for a ~$3bn support package of from the IMF. Ghana has been in talks with the IMF since July for a three-year extended credit facility (ECF) program and was said to be seeking...
by Amruth Sundarkumar | Oct 3, 2022 | Sovereign Bonds, Sovereigns
Ghana was downgraded to Caa2 from Caa1 by Moody’s and further placed on review for downgrade on deteriorating macroeconomic conditions, difficulties in the government’s liquidity and debt sustainability, and increasing risk of default. Ghana is currently...
by Amruth Sundarkumar | Sep 26, 2022 | Sovereign Bonds, Sovereigns
Ghana was downgraded to CC from CCC by Fitch due to an “increased likelihood that Ghana will pursue a debt restructuring”. Ghana is currently negotiating an IMF support program and Fitch believes the nation will require some debt treatment due to rising...
