Ghana received the approval for more than 90% of bondholders to restructure and exchange $13 billion of international debt, it said on Thursday, clearing the last hurdle in its protracted debt rework.

Ghana has successfully restructured more than 96% of its debt, marking a significant milestone in the country rsquo;s economic recovery and positioning it closer to its 2028 debt sustainability goals,

Dr. Mohammed Amin Adam Ghana has successfully restructured its $13 billion Eurobond debt, marking a significant milestone in the country’s economic recovery efforts. The move is expected to provideRead

Ghana received “overwhelming” participation and support from its international bondholders to restructure $13 billion of its overseas bonds, a key step of the West African nation’s debt rework.

Ghana will exit a debt default after the west African nation completed a restructuring of $13bn in US dollar bonds, paving the way for a return to global capital markets almost two years after an economic crisis forced it to suspend debt repayments.

The haircut on $13bn of debt is the largest in African history – the country’s economy has struggled with low economic growth.

In a significant move towards economic recovery, Ghana has successfully completed its Eurobond debt exchange, restructuring $13 billion of its external debt. This achievement follows the completion of the Domestic Debt Exchange Programme (DDEP) and the Memorandum of Understanding (MoU) with the Official Creditors Committee (OCC).