Tag: Debt restructuring
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Ghana seeks $2.5bn in external financing through debt restructuring
The Chief Executive Officer (CEO) of the Ghana Investment Promotion Center (GIPC), Yofi Grant, has revealed that Ghana is set to undergo external debt restructuring, which is expected to provide financing of approximately $2.5 billion in the coming days. The announcement was made as the GIPC indicated that negotiations with key partners are nearing a…
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Ghana sends debt restructuring proposal to official creditors
Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation. The “working proposal” is a crucial first step for the cocoa, gold and oil producer to engage the official creditor…
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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Domestic debt exchange: No haircut on treasury bills, principal bonds – Gov’t
Government has announced that there will be no “haircut” on the principal of bonds and that individuals with government bonds will have their full investments on maturity. In a public address on the recent debate about possible haircuts on all bonds and treasury bills following government’s debt restructuring deal with the International Monetary Fund (IMF),…
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IEA welcomes BoG’s endorsement of proposal to cap government borrowing
The Institute of Economic Affairs (IEA) has welcomed the Bank of Ghana’s endorsement of its proposal to cap government borrowing to help rein in the public debt. As part of his press briefing on Thursday, 6th October, 2022 on the decision of the Monetary Policy Committee, the Governor is reported to have said that he…
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Debt restructuring needed despite possible economic shocks – Prof. Bokpin
Economist Prof Godfred Bokpin insists the painful adjustment of debt restructuring is needed to save the economy. The government is expected to commence talks with either domestic or external bondholders as part of efforts to restructure the country’s cedi debt ahead of plans to secure a US$3 billion loan facility from the International Monetary Fund…
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S&P downgrade: Gov’t urged to quicken pace of fiscal consolidation
Economist with Databank, Courage Martey has reiterated calls for government to hasten the pace of fiscal consolidation in the short to medium term. In an interview with Citi Business News, the economist said this will restore the country back above the current downgraded position that the country is facing. His call comes as international ratings…