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Ghana is poised to start talks with domestic bondholders on a restructuring of its local-currency debt as part of the West African nation’s plan to secure a $3 billion loan from the International Monetary Fund. The country’s eurobonds extended declines.
The nation’s largest debt investors including local banks and pension funds are preparing to engage in discussion on debt reorganization that could entail extension of maturities and haircuts on principal and interest payments, according to people familiar with the matter, who asked not to be identified because they are not authorized to speak publicly. The restructuring would be part of a debt-sustainability plan required by the International Monetary Fund, the people said, and will include part of the $19 billion Ghana has in outstanding local debt.
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