Ghana will complete external debt restructuring as soon as possible, president says

This will enable us to complete substantially projects that have been constrained due to financial challenges," Akufo-Addo told parliament. He said Ghana had paid the second coupon of 5.8 billion Ghanaian cedi ($464 million) to domestic bondholders on Feb. 20. This was the largest coupon paid in a day in Ghana’s history, Akufo-Addo said. ($1 = 12.5000 Ghanian cedi)

Ghana is committed to completing the external debt restructuring process as soon as possible, President Nana Akufo-Addo said on Tuesday in a State of the Nation Address in parliament.

The West African country, which defaulted on most of its overseas debt in December 2022 after servicing costs soared, restructured most of its local debt and also needs to reach a deal with private holders of about $13 billion in international bonds. "We are committed to concluding the external debt restructuring process as soon as possible, so we move past the crisis. This will enable us to complete substantially projects that have been constrained due to financial challenges," Akufo-Addo told parliament.

He said Ghana had paid the second coupon of 5.8 billion Ghanaian cedi ($464 million) to domestic bondholders on Feb. 20. This was the largest coupon paid in a day in Ghana’s history, Akufo-Addo said.

($1 = 12.5000 Ghanian cedi)