Analysis by Region - Emerging Markets - Ghana
The first quarter has come and gone, and the Ghanaian government failed to present its case to the Executive Board of the IMF. Accra aimed to wrap up bilateral debt restructuring before the end of Q1 to provide the multilateral organisation with the necessary financial assurances to secure the $3bn deal under the extended credit facility (ECF). The bilateral creditor committee is set to meet in April and local authorities now aim to finalise this part of the restructuring process by end-April. Once this is put to rest, the government faces the last hurdle: restructuring talks with Eurobond holders, who are believed will have to take the biggest haircuts in the process.
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