Ghana's finance ministry on Tuesday said that around 85% of eligible bondholders had registered for its domestic debt exchange programme, bringing it one step closer to securing a $3 billion International Monetary Fund (IMF) bailout.
The government had initially earmarked 126.97 billion cedis of domestic bonds for restructuring, but agreed to"The government is ... grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme," it said in a previous statement issued in the early hours of Tuesday.
Reaching the threshold should allow the government to settle the exchange and move on, said Stuart Culverhouse, chief economist at Tellimer. "Attention will now turn to the eurobonds, where restructuring talks are at a much earlier stage, and which could be even more complicated," Culverhouse said. Overseas bonds were trading slightly positive after the news, with most around or below the 40 cents in the dollar threshold. , .
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